Bitcoin $43000

Bitcoin Crosses $43000

Bitcoin has crossed $43,000 on Tuesday, the cryptocurrency is up 25% in the last month on anticipation that the SEC will approve a Bitcoin ETF and on the hopes of a fed funds rate cut. Which the market expects a 15% chance of occurring in the first quarter of 2024.

The federal reverse cutting interest rates provide additional liquidity to the market with the expectation that risk assets like cryptocurrencies would be the beneficiary of that liquidity.

Along with the increase in Bitcoin’s value, other cryptocurrencies like Ethereum and Solana which have seen their values increase by 20% for Ethereum and nearly 60% for Solana in the past month.

Bitcoin hasn’t been at this price level since April 2022, prior the federal reverse interest rate hikes and the fraud development of FTX and other cryptocurrencies.

The recent court case ruling against the SEC has lead to a larger number of SEC filings mentioning Bitcoin in November. 1074 to be exact, a 35% increase since the prior year and a new high in total mentions. The previous record was 810 in May 2023.

The SEC is reviewing 13 applications for spot bitcoin ETFs from investment powerhouses like Fidelity, Blackrock along with Grayscale.

Many traders are expecting the approval of a Bitcoin ETF to propel Bitcoin to new highs, price targets of $100,000 are being floated as a possibility.

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