Bitcoin price surge to over USD41,000 level

(MENAFN) On Monday, Bitcoin witnessed its price surge to over the USD41,000 level, reaching this milestone for the first time in 20 months. The optimism surrounding the potential approval of exchange-traded funds (ETFs) contributed to this surge.

The price of the world's largest cryptocurrency recorded a daily increase of 5.65 percent, peaking at USD41,688 around 05:30 GMT. This marks the highest level for Bitcoin since April 2022.

The overall value of the cryptocurrency market experienced a daily growth of 3.77 percent, reaching USD1.54 trillion, as reported by data from the digital asset price-tracking website, CoinMarketCap.

This positive trend was further supported by data indicating a slowdown in inflation in the United States, fostering expectations that the Federal Reserve had concluded interest rate hikes.

As of Monday, Bitcoin's weekly price rise surpassed 11 percent. The anticipation of the US Securities and Exchange Commission (SEC) approving ETFs for Bitcoin investments has heightened professional investors' interest in the cryptocurrency.


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