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Bitcoin Crosses The $40K Threshold — Ethereum, Dogecoin Spike Too: FUD, FOMO To Dictate Whether $50K Arrives 'Sooner Rather Than Later,' Says Market Intelligence Platform

Published Dec 04, 2023 02:47 Updated Dec 04, 2023 04:10
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© Reuters. Bitcoin Crosses The $40K Threshold — Ethereum, Dogecoin Spike Too: FUD, FOMO To Dictate Whether $50K Arrives 'Sooner Rather Than Later,' Says Market Intelligence Platform
 
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Benzinga - by Shivdeep Dhaliwal, Benzinga Editor.

Bitcoin was seen trading over the psychologically important $40,000 level on Sunday evening with Ethereum and Dogecoin also showing an uptick in prices as the global cryptocurrency market cap rose 1.6% higher to $1.51 trillion.

Bitcoin crossed the $40,000 level for the first time since late April 2022, meanwhile, Ethereum was above the $2,200 level at the time of publishing.

The rise in Bitcoin prices comes amid a backdrop of a gradual rally, which has been fueled by expectations linked with the approval of a Bitcoin Spot ETF by the Securities and Exchange Commission.

Cryptocurrency Gains +/- Price (Recorded at 8:57 p.m. EST)
Bitcoin (CRYPTO: BTC) +2.92% $40,660.97
Ethereum (CRYPTO: ETH) +2.03 $2,214.32
Dogecoin (CRYPTO: DOGE) +0.15% $0.086

Sunday's Bitcoin action was in contrast with movement in other risk assets. Stock futures were largely flat at the time of publishing. On the other hand, Gold prices hit a record high on Friday. Notable Gold bull, Peter Schiff, was left unimpressed by Bitcoin's $40,000 move and pointed out that the precious metal has "completely broken out."

Top Gainer (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 8:57 p.m. EST)
Terra Classic (LUNC) +37.3% $0.0002
Terra (LUNA) +23.09% $0.99
ORDI (ORDI) +18.87% $38.53

Analyst Takes: Cryptocurrency trader Michaël van de Poppe said that Bitcoin was "up massively on the year" even when the sentiment was "we were going to have a really hard period."

It should be noted that Van de Poppe said earlier that spot Bitcoin ETF approvals could come between January 5 and January 10.

Market intelligence platform, Santiment said in a post on X, formerly Twitter, that "#FUD & #FOMO toward the ongoing #ETF confirmation dates will dictate whether $50K arrives sooner rather than later."

Bitcoin Crosses The $40K Threshold — Ethereum, Dogecoin Spike Too: FUD, FOMO To Dictate Whether $50K Arrives 'Sooner Rather Than Later,' Says Market Intelligence Platform
 

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