Bitcoin (BTC) has achieved a notable milestone, surpassing the $40,000 mark for the first time since early May 2022, amidst a broader, albeit moderate, rally in the cryptocurrency market. As of the latest data, Bitcoin trades around $40,130, marking a 2% increase in 24 hours, based on CoinGecko figures.
Image: CoinDesk
The overall trend saw mixed results among other leading cryptocurrencies, with Binance's BNB coin registering a marginal decline.
This resurgence in Bitcoin's value is attributed to a combination of factors, including positive sentiments from U.S. central bankers and anticipation surrounding the potential launch of a Bitcoin exchange-traded fund (ETF) in the United States.
Notably, Bitcoin holders have been actively withdrawing their assets, indicating a preference for direct custody. Between November 17 and December 1, about 37,000 BTC were moved from exchanges.
In contrast, renowned economist and cryptocurrency critic Peter Schiff has emphasised gold's recent performance over Bitcoin's rally.
Schiff, known for his skepticism towards cryptocurrencies, underscored gold's all-time high, trading above $2,100, and contrasted it with Bitcoin's need for a significant increase to set a new record.
He remarked on gold's definitive breakout from previous limits.
#Gold trading above $2,100 tonight, for the first time in history, is far more significant than @Bitcoin trading above $40K. Gold has completely broken out. It's in uncharted territory, while Bitcoin still needs to rally more than 60% from here just to make a new high.
— Peter Schiff (@PeterSchiff) December 3, 2023
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At the time of reporting, Bitcoin's value stood at $40,653.72, evidencing a 2.9% rise over 24 hours.
The leading cryptocurrency has seen an 8.3% increase over the week and an impressive 145.34% surge since the beginning of the year.
The surge in gold prices aligns with increasing trader confidence that the Federal Reserve will halt interest rate hikes, as hinted by Chair Jerome Powell. Gold COMEX February 2024 futures rose by 1.1% to $2,113, while spot gold traded higher at $2,087.79.
Schiff's cautionary stance towards Bitcoin persists, particularly regarding its potential volatility around the launch of BlackRock’s Bitcoin ETF.
He has previously warned that Bitcoin might face a downturn, cautioning investors who might be buying based on speculation about the ETF's launch.
The US is looking at using tariff funds and gold revaluation to buy Bitcoin without raising taxes or debt. Plans include building a long-term Bitcoin reserve, while criticism grows over Trump’s personal crypto ties.
WeatherlySenator Elizabeth Warren has led a team of six senators to repeal Trump's decision to dissolve the National Cryptocurrency Enforcement Team (NCET).
XingChiBhutan, a country often hailed as the happiest country in the world, is making headlines against for a bold new strategy: embracing Bitcoin as a pillar of national economic policy.
XingChiBhutan mined Bitcoin using its extra hydropower and sold it to raise money. The country used the funds to double civil servant salaries and slow down people leaving for jobs abroad.
AnaisMcDonald’s has officially declined a shareholder proposal urging the company to invest in Bitcoin, a move that has sparked debate about corporate cryptocurrency adoption.
XingChiBitcoin miners are hoping to capitalise on the 90-day tariff pause to stock up on mining rigs as they prepare for uncertain and rainy days ahead.
XingChiBitcoin’s price jumped above $84,000, and signs suggest Strategy may have resumed buying after a brief pause. The company now holds nearly 3% of all Bitcoin, and its investment is up around 24% despite recent market volatility.
AnaisThe Trump administration has granted temporary tariff exemptions for key electronics. But Commerce Secretary Lutnick stressed the relief is short-term. The move adds to a string of policy shifts, sparking criticism over strategic inconsistency and raising questions about the true direction of US trade policy.
CatherineCardano’s Midnight sidechain will distribute tokens to 37 million users across eight major blockchains, including Bitcoin and Ethereum, in one of the largest airdrops in blockchain history. The airdrop, called the Glacier Drop, will issue NIGHT and DUST tokens and aims to promote privacy in decentralized finance.
AnaisPakistan is planning to use its surplus electricity for Bitcoin mining and AI data centres to boost economic growth. Binance's Changpeng Zhao has been appointed as an advisor to help guide the country's crypto development and regulatory framework.
AnaisOn-chain data shows the crypto exchange Coinbase observed 38k BTC in outflows shortly before Bitcoin recovered back above $30k. Bitcoin ...
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