Bitcoin Surges Beyond $40,000, Achieving Highest Level Since April 2022: A Closer Look at the Factors Driving the Rally

Bitcoin has experienced a remarkable surge, surpassing the $40,000 mark and achieving its highest level since April 2022. This notable upswing can be attributed to a confluence of factors, with optimism surrounding potential US interest rate cuts and the anticipation of the approval of US stock market-traded bitcoin funds playing pivotal roles.

Bitcoin price crossses $40,000 for the first time since April 2022.

On Monday, Bitcoin reached an impressive $41,522, signaling a significant reversal from the challenges faced by the cryptocurrency markets throughout 2022. Justin d’Anethan, Head of Business Development for Asia-Pacific at Keyrock, a digital assets market-making firm, noted that the recent 50% rally in Bitcoin’s price since mid-October represents a decisive shift away from the bearish trend observed in 2022 and early 2023.

D’Anethan pointed out that evidence of institutional buying in November has reignited interest in Bitcoin. Despite the possibility of potential reversals, the market views the lows around $16,000 a year ago as a probable bottom. Notably, Bitcoin investor Microstrategy disclosed last week that it acquired an additional $593 million in Bitcoin during November.

The broader market sentiment, driven by expectations of a US Federal Reserve interest rate cut in early 2023, has contributed to a rally in riskier investments and interest-rate sensitive assets, including gold.

Moreover, reports in October indicating that the US Securities and Exchange Commission would not appeal a court ruling favoring a Bitcoin exchange-traded fund (ETF) application have fueled speculation about an imminent approval. The potential approval of a spot bitcoin ETF could create opportunities for cautious investors to enter the crypto market through traditional stock channels. The combination of these factors has played a role in the recent surge, marking a positive turn for Bitcoin amid the evolving landscape of cryptocurrency markets.

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India's Manufacturing Growth Hits 18-Month Low in December: A Year-End Recap

Introduction: As the year came to a close, India's manufacturing sector faced headwinds, experiencing an 18-month low in growth during December 2023. The latest data, compiled by S&P Global in the HSBC India Manufacturing Purchasing Managers’ Index, sheds light on the challenges faced by the industry as it navigated a slowdown in new orders and output. India's manufacturing output hit an 18-month low in December. Decoding the Numbers: In December, the Manufacturing PMI dipped to 54.9, down from 56 in November. Despite this decline, the sector managed to stay above the crucial 50-mark, signifying expansion rather than contraction. Notably, the output rose at the slowest pace in 14 months, indicating a challenging landscape for manufacturing. Expert Insights: Pranjul Bhandari, Chief India Economist at HSBC, offered insights into the situation. "India's manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous...

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Kiara Advani on Relationship Rumours With Sidharth Malhotra: 'Right Now I Am Very Happy

Kiara Advani and Sidharth Malhotra will continue to make headlines for the rumoured relationship. Although the actors have not confirmed anything, fans take a great interest in them. The Shershaah actors are often asked about the rumours during their interviews and Kiara always seems to have some witty answer to them. Recently, the JugJugg Jeeyo actress was asked about their relationship and she said that she is very happy both in her personal and professional life. The actress was asked about her alleged breakup during an interview with Navbharat Times to which she answered, “I don’t want to say anything about this. People are writing even when I am not saying anything, so when I say something, I do not know what people will write. Whenever I feel I will definitely speak on this issue. Right now I am very happy in both my personal and professional life." To know more: https://www.news18.com/news/movies/kiara-advani-on-relationship-rumours-with-sidharth-malhotra-right-now-i-am-v...

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