Today in Asian trading, Bitcoin breaches $40,000, inching towards $49,000 and marking a 3.8% increase over the previous day’s value.
At the start of today’s (Monday) Asian trading hours, the US dollar value of Bitcoin has crossed the $40,000 threshold. The original coin is slowly approaching $49,000 per as of press time, up roughly 3.8 percent over the previous day.
An Amazing Turning Point for Bitcoin
For the first time in 19 months, since early May 2022, Bitcoin has crossed the $40,000 mark thanks to the current increase.
However, the price increase was not exclusive to Bitcoin. The price of Ethereum, the second-largest cryptocurrency by market capitalization, is currently at $2,200 per unit. Over the last week, Ethereum climbed by more than 8.3 percent, while Bitcoin gained 9.5 percent.
FOMO Snares the Crypto Industry
The cryptocurrency market is undergoing both positive and bad changes, but the most recent surge can be attributed to traders’ overwhelming FOMO (fear of missing out) phenomena. The fear and greed index for cryptocurrencies has surged to 74, the highest level since November 2021.
Because the Securities and Exchange Commission’s (SEC) approval deadline for the Bitcoin exchange-traded fund is drawing near, traders are also hopeful about the impending decision. Moreover, the participation of established financial industry heavyweights such as Blackrock has added to the excitement.
The US government’s moves against Binance, meantime, were unable to quell the euphoria surrounding cryptocurrencies. Recently, Changpeng Zhao gave former regulatory officer Richard Teng control of Binance, the biggest cryptocurrency exchange by trading volume. Teng has pleaded guilty to one count of money laundering charges in the US. The exchange paid $4.3 billion to settle with US federal prosecutors and an additional $2.85 billion to settle with the US commodities regulator. The SEC has filed civil charges against the exchange, and Zhao, the former CEO, is still contesting the charges.
While rivals like Coinbase have witnessed a rise in their cryptocurrency holdings, Binance’s turbulence has caused a huge outflow of cryptocurrencies from the exchange.