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.
On May 15, US spot bitcoin ETFs saw robust performance, accruing $303 million in gains over three days. Blackrock's IBIT observed zero inflows, while Grayscale's GBTC recorded $27 million inflows. FBTC led with $131 million inflows, emphasizing a competitive landscape among ETFs.
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