Crypto News – Gold is hitting a new all-time high, and the price of Bitcoin is rising in tandem with it, indicating that investors are bracing for volatility in the stock market.
New Record in Bitcoin and Gold: BTC Hits $41K as Precious Metal Hits All-Time High
During the Monday, December 4, Asian session, the price of gold went through a key level that smashed records, over $2,100. Additionally, for the first time in 19 months, Bitcoin has risen above $41,000.
With a victorious return, Bitcoin has crossed the $40,000 mark—a level not seen since April 2022. This featured a quick 2% increase over a 24-hour period, which represented the cryptocurrency’s 19-month top. Moreover, since the start of the year, the value of Bitcoin has increased by nearly 140%.
Bitcoin Spot ETF May Be Affecting Prices
According to Markus Thielen, head of research at Matrixport, the future seems even more promising. Projections peg Bitcoin at over $60,000 by April of next year and as high as $125,000 by the end of 2024, with historical trends of post-bear market bull cycles and forthcoming Bitcoin halving events serving as a backdrop.
On the other hand, one Bitcoin analyst thinks that one of the main reasons for the rise in gold and BTC could be the Bitcoin spot ETF hype. Since a spot Bitcoin ETF is expected to be approved in January and regulatory improvements generally present a positive outlook, Bitcoin’s most recent surge above the psychological $40,000 barrier signals strong market sentiment.
It’s very likely we are on the eve of a Bitcoin spot ETF. The first commodity ETF was SPDR Gold Trust. It provided a simple way for investors to access gold in their portfolio. When it launched, gold went on to an 8-year rally with no single down year between 2005 – 2012.
Willy Woo, Bitcoin analyst
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