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.
Luxury brands and businesses like Printemps, S.T. Dupont, and Virgin Voyages are now accepting Bitcoin as payment, driven by its record value of over $108,000. This shift highlights growing interest in cryptocurrency for high-end purchases despite challenges like consumer education and regulatory barriers.
WeatherlyMicrosoft shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's balance sheet, with only 0.55% in support. The board expressed concerns about Bitcoin's volatility, despite acknowledging its potential as an inflation hedge.
WeatherlyEl Salvador and Argentina have signed an agreement to collaborate on cryptocurrency regulation and innovation in Latin America. The deal aims to share expertise, boost crypto growth, and strengthen the regulatory framework for digital assets in both countries.
AnaisFormer Binance CEO Changpeng “CZ” Zhao Predicts China could beat the United States of America at building a Strategic Bitcoin Reserve.
XingChiBinance has not yet decided on its new global headquarters due to complexities like tax laws and talent acquisition challenges. Legal troubles, including Changpeng Zhao's legal issues and a $4.3 billion fine, have led Binance to restructure its leadership and adopt better governance strategies.
WeatherlyBilly Markus, the founder of Dogecoin, recently shared regret about selling 37.37 bitcoins in 2015 for $424,152.54 — a decision that would now be worth over $368 million. Despite stepping away from Dogecoin in 2015, Markus reflects on its impact as a cultural icon while highlighting its true value lies in its community and shared ideals, not just market performance.
WeatherlyBitcoin has reached a new all-time high, surpassing $100,000, while CZ remains unaffected by the surge, holding onto the same amount of Bitcoin. Binance Coin (BNB) also hit a record high, but CZ’s focus remains on Bitcoin’s long-term value rather than its fluctuating price.
WeatherlyMeitu sold its entire crypto portfolio, making nearly $80 million just before bitcoin’s surge above $100,000. The company plans to distribute 80% of the gains to shareholders and refocus on its AI-driven apps.
AnaisBitcoin surpassed $100,000 on 5 December, driven by growing optimism following Trump’s pro-crypto appointments, including Paul Atkins for SEC Chair. This milestone signals investor confidence in a crypto-friendly future under Trump’s upcoming administration, which takes office on 20 January 2025.
JoyBitcoin hit a new all-time high today, surpassing $103,000, driven by strong market sentiment, especially after Donald Trump’s election victory. The cryptocurrency has surged 126% since the start of 2024. Could 2025 be an even stronger year for Bitcoin?
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