{"id":75892,"date":"2023-10-23T13:31:09","date_gmt":"2023-10-23T17:31:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-keeps-climbing-past-30000-bulls-are-eyeing-40000-next\/"},"modified":"2023-10-23T13:31:14","modified_gmt":"2023-10-23T17:31:14","slug":"bitcoin-keeps-climbing-past-30000-bulls-are-eyeing-40000-next","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=75892","title":{"rendered":"Bitcoin Keeps Climbing Past $30,000. Bulls Are Eyeing $40,000 Next."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000776560\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Bitcoin<br \/>\n       and other cryptocurrencies climbed Monday, continuing to outperform stocks and extend gains from last week amid hopes that spot Bitcoin exchange-traded funds will soon be cleared by regulators. The technical backdrop is looking good.<\/p>\n<p>The price of Bitcoin has risen 2% over the past 24 hours to above $30,450, having earlier traded closer to $31,000. The largest digital asset has broken out from a stagnant trading range around $26,000, which dominated for almost two months until a rally that started in earnest 10 days ago drove Bitcoin prices to their highest since mid-July.<\/p>\n<div class=\"paywall\">\n<p>\u201cBitcoin has gained over 10% in the last seven days, making the previous week the best in four months \u2026 this is a significant turning point,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cA consolidation above $31,000 could force the bears to capitulate and quickly send the price into the $40,000 area.\u201d<\/p>\n<p>While the<br \/>\n        Dow Jones Industrial Average<br \/>\n       and<br \/>\n        S&amp;P 500<br \/>\n      \u00a0have been pressured in recent weeks amid a surge in government bond yields, cryptos have been resilient. Higher returns on risk-free U.S. Treasuries tend to dampen demand for riskier bets, but Bitcoin has bucked that trend to surge amid optimism that the Securities and Exchange Commission (SEC) will soon clear a Bitcoin exchange-traded fund (ETF).<\/p>\n<p>The prospect of a spot Bitcoin ETF has loomed for months, especially since<br \/>\n        BlackRock<br \/>\n       and other financial giants filed for such funds in the summer and crypto asset manager Grayscale won a key legal ruling over the conversion of its Bitcoin trust to an ETF. A spot Bitcoin ETF would hold the token itself, a departure from existing funds that hold Bitcoin futures, and is expected to usher in a new wave of retail and institutional interest in digital assets, supporting prices.<\/p>\n<p>Bitcoin ETF hopes have underpinned the latest rally\u2014spurred by another positive sign for the Grayscale conversion\u2014but while the technical backdrop for prices remains positive, it could still be months before this catalyst is borne out with an ETF trading. Moreover, continued weakness in stocks risks spilling over into crypto\u2014and there\u2019s the question of just how much higher Treasury yields can climb before investors start selling Bitcoin amid a wider risk-off rotation.<\/p>\n<p>\u201cA solid risk-off momentum will almost inevitably trigger institutional selling in crypto,\u201d said Kuptsikevich.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014gained 2% to $1,670. Smaller tokens or altcoins were also buoyant, with<br \/>\n        Cardano<br \/>\n       jumping 2% and<br \/>\n        Polygon<br \/>\n       popping 8%. Memecoins were also in the green, with<br \/>\n        Dogecoin<br \/>\n       surging 4% and<br \/>\n        Shiba Inu<br \/>\n       advancing 2%.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-crypto-markets-today-e0a76263?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies climbed Monday, continuing to outperform stocks and extend gains from last week amid hopes that spot Bitcoin exchange-traded funds will soon be cleared by regulators. The technical backdrop is looking good. The price of Bitcoin has risen 2% over the past 24 hours to above $30,450, having earlier traded closer to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":69064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-75892","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Keeps Climbing Past $30,000. 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