Bitcoin surged by over $38,000 in 24th November - highest level since May 2022

The world’s largest cryptocurrency has surged by over $38,000 in just a few hours, reaching its highest level in 2023.

Starting at around $36,000 at the beginning of the month, Bitcoin quickly touched $38,000 yesterday evening. At one point, it reached $38,416. While maintaining this price for a few hours, Bitcoin then retraced to around $37,800. This threshold remains the highest price range for Bitcoin in over a year and a half.

Ethereum, the second-largest cryptocurrency, also saw an increase of over 3%, currently trading at nearly $2,090 per unit. Cryptocurrency-related stocks also experienced gains during the day, with Coinbase shares rising by 6%, Stronghold Digital Mining accumulating an additional 6.4%, and Marathon Digital Holdings increasing by 4%.

This upward movement comes as investors anticipate the approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Major investment banks are also showing increased interest in this sector. Swiss bank UBS is reportedly engaging with three major cryptocurrency ETFs, namely Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs, all authorized by the Securities and Futures Commission of Hong Kong. Earlier, HSBC also announced plans to initiate digital asset custody services for institutional clients.

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BTC is definitely positioned to be an asset for accumulation in the future due to its convenience in storage and transport. With those advantages, Bitcoin will replace gold and diamonds as a recognized form of currency for wealth preservation.

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It is seem like Bitcoin is on the way to surpass $40,000 by the end of the year, and I guess it could have a further upward movement in 2024.

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Bitcoin is to the moon in 2024-2025. Next target is USD 100k.