Bitcoin hit $40,000 on Sunday, marking the first time it reached this level since May 2022. It is trading at $40, 682 as of 9:41 a.m. on Monday in Hong Kong, which represents a 142% increase since last year.

Other cryptocurrencies are also on the rise. Ethereum is up 2% to trade at $2,214 as of press time. Memecoins like Dogecoin and Shiba Inu are up 0.16% and 5.53%, respectively.

The price surges are fueled by market circumstances. There are indicators that the U.S. Federal Reserve will cut rate hikes as inflation slows down. The possibility of lower interest rates has led to rallies in different markets.

Additionally, there is anticipation surrounding the applications of exchange-traded products. According to reports, The U.S. Securities and Exchange Commission is likely to approve these applications by January.

The crypto market is also preparing for the Bitcoin halving, which is an event that occurs approximately every four years. The reward for mining new blocks is halved, meaning that miners receive 50% less Bitcoin for verifying transactions. 

In the past, Bitcoin halvings have been followed by significant price increases.

It’s the first time Bitcoin reached this level since May 2022.


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