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.
Metaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiThe UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
AnaisA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyBitcoin has retraced below $117,000 after reaching an all-time high last week, signaling a pause in upward momentum and growing caution among investors.
XingChiDutch cryptocurrency company Amdax is preparing to launch one of Europe’s most ambitious Bitcoin strategies yet: creating a dedicated Bitcoin treasury firm, seeking a listing on Amsterdam’s Euronext, and ultimately aiming to acquire 1% of the total Bitcoin supply.
XingChiThe SEC has delayed decisions on several crypto ETFs, including Bitcoin, Ethereum, Solana, XRP, Litecoin, and Dogecoin, pushing most deadlines into October. Regulators are working on new listing standards that could allow faster approvals of altcoin ETFs once rules are finalised.
WeatherlyTaiwan’s WiseLink led a $10 million funding round for Nasdaq-listed Top Win International, helping the company buy Bitcoin and expand into digital assets. The deal makes WiseLink the first public Taiwanese firm to back a Bitcoin treasury strategy and aims to combine crypto holdings with cross-border business operations.
WeatherlyBTC and altcoins have been hit by another sell-off, with analysts saying the deteriorating macroeconomic environment could push bitcoin prices below $40,000.
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