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.
Figma’s share price jumped 250% on its NYSE debut, closing at $115 and rising further after hours. The company also revealed it had put nearly $100 million into Bitcoin and stablecoins as part of its treasury plan.
Weatherly
Jason RiggsStrategy reported a $10 billion profit in Q2, driven by Bitcoin gains and new fair value accounting rules. It raised over $10.5 billion through stock sales and used most of it to buy more Bitcoin, pushing its holdings above 628,000 BTC.
AnaisBitmain, the world’s leading Bitcoin mining ASIC manufacturer, is preparing to open its first manufacturing facility in the United States—a strategic move set to accelerate production and support for American clients.
XingChiMarti, a Turkish ride-hailing company, has put 20% of its cash into Bitcoin and plans to increase that to 50%. The move is part of a long-term plan to use crypto as a store of value while keeping its main business growing.
AnaisThe US SEC has approved in-kind trading for Bitcoin and Ethereum ETFs, letting firms trade crypto directly instead of using cash. This change is expected to cut costs, improve trading, and make it easier for big investors to enter the crypto market.
WeatherlyA rare 100 BTC Casascius bar bought in 2012 for $500 was finally redeemed in 2025, now worth over $10 million. The owner kept it sealed for 13 years before transferring the Bitcoin to a digital wallet, making a huge profit while preserving its historical value.
AnaisOver half of the public companies that added Bitcoin to their balance sheets in 2025 have seen their share prices fall by more than 50%. The drop follows a sharp decline in Bitcoin’s value, exposing firms to heavy losses and sparking concerns over the risks of using crypto as a treasury asset.
Anais210k Capital, the hedge fund launched by entrepreneur David Bailey, has made headlines with a staggering 640% net return over the last 12 months—demonstrating the explosive power of the Bitcoin treasury trend.
XingChiJPMorgan is planning to let clients borrow money using crypto like bitcoin and ether as collateral. This comes as rules around digital assets in the US become clearer and demand from wealthy clients grows.
AnaisBTC 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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