The price of Bitcoin (BTC) surged past $41,000 during the Monday business day in Asia, reaching levels not seen since April 2022, prior to the Terra crash. Bitcoin had been hovering around the $40,000 mark in recent days but broke through on Monday, trading above $41,400 as of the latest data from CoinDesk Indices, marking a 24-hour increase of about 5%. In tandem with Bitcoin’s rise, Ether (ETH) also experienced an upward movement, surpassing $2,200 and trading at $2,240, reflecting a similar percentage increase over the past 24 hours.
The other top ten cryptocurrencies by market capitalization marked smaller gains, though BNB coin (BNB), a token affiliated with the Binance exchange, was down about 0.1% over the past day.
In April 2022, the price of the world’s largest and oldest cryptocurrency had dipped below $40,000. However, in recent months, it has experienced a rally, attributed in part to what appears to be accommodative statements from U.S. central bankers and optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Ether, the second-largest cryptocurrency, had not surpassed the $2,200 mark since May 2022, although it had come close on a few occasions. The resurgence in cryptocurrency prices reflects the evolving market dynamics and the impact of various factors, including regulatory developments and market sentiment.
Bitcoin holders withdrew 37,000 BTC between Nov. 17 and Dec. 1, suggesting they were taking direct custody of their coins, CoinDesk reported earlier this week. The price of Bitcoin
Bitcoin’s move above $40,000 comes as gold hit a record high of over $2,100 per ounce during the early Asian trading hours in response to dovish comments from Federal Reserve chairman Jerome Powell.