Bitcoin's price has risen almost 6%, sending the digital coin to a price of just above $41,840 as of the time of this writing. This marks the first time that Bitcoin has broken the $40,000 barrier since May 2022.
Bloomberg says there are two likely reasons. First is the expected upcoming interest rate cuts from the Federal Reserve...But perhaps a bigger impact on Bitcoin's rise is increasing confidence within the sector that additional cryptocurrency exchange-traded funds (ETFs) may be approved by the Securities and Exchange Commission (SEC) as soon as next month.
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