Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Bitcoin, Ethereum Take Off Over The Weekend, Keeping Apex Crypto In Sight Of $40K Mark: Here's What's Going On

Published Dec 03, 2023 16:17 Updated Dec 03, 2023 17:40
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Bitcoin, Ethereum Take Off Over The Weekend, Keeping Apex Crypto In Sight Of $40K Mark: Here's What's Going On
 
BTC/USD
+1.50%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ETH/USD
+4.50%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Benzinga - by Shanthi Rexaline, Benzinga Editor.

The cryptocurrency space has picked up momentum in recent sessions amid hopes that a spot Bitcoin (CRYPTO: BTC) exchange-traded fund will soon receive regulatory approval. The top two cryptocurrencies in terms of market capitalization, namely Bitcoin and Ethereum (CRYPTO: ETH), took off early Sunday.

What Happened: Bitcoin, which closed above $39,000 level on Saturday for the first time since early May 2022, advanced further on Sunday. After opening at $39,472.21, the apex crypto rose to an intraday high of $39,726.74 at around 9 a.m. and has since squandered some of the gains.

At last check, Bitcoin traded up 2.42% to $39,766.50, according to Benzinga Pro data. The upside has also been accompanied by heavy volume, which saw a 25% increase over the past 24 hours. The crypto is up about 140% for the year.

The apex crypto is closing in on the psychological resistance of $40,000, and the last time it closed above the level was in late April 2022.

Ethereum, the second biggest crypto, was also surging higher Sunday morning. It last traded up 2.69% at $2,161.40.

What’s Driving Upside: Expectations of rate cuts by the Fed have been perceived as a positive for speculative assets such as cryptocurrency. Cash waiting on the sidelines could come flooding back into the market and find its way into risky bets.

Additionally, a host of firms, including BlackRock, WisdomTree and Valkyrie, among others, are waiting on the SEC to vet their respective spot ETF applications. An approval for the first ETF could come as early as early 2024. A spot Bitcoin ETF wwould allow investors to invest directly in the apex crypto.

“For ETF investors, this would be the best product on the market … All the other options right now have flaws to varying degrees,” said Bryan Armour, director of passive strategies research for North America at Morningstar, CNBC reported.

Read Next: What Is Spot Bitcoin ETF

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Bitcoin, Ethereum Take Off Over The Weekend, Keeping Apex Crypto In Sight Of $40K Mark: Here's What's Going On
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email