December 4, 2023 Media mentions

Bitcoin Price Tops $41,000, Reaching Highest in More Than a Year

Gold hovers near record-high levels

Original article: https://www.wsj.com/livecoverage/stock-market-today-dow-jones-12-04-2023/card/bitcoin-price-tops-40-000-X5BGBKTnpClu0NnEXQ06

Source: CoinDesk

The price of bitcoin climbed above $40,000, putting it on course for its highest end-of-day level since April 2022—before a stablecoin crashed and blew up a crypto hedge fund, triggering a market meltdown.

The price of ether rose above $2,220, the highest since May 2022. Shares in Coinbase (COIN), the crypto exchange whose stock tends to rise and fall in tandem with changing sentiment toward digital assets, jumped more than 8% premarket.

A couple of coming events are fueling investor optimism, said Jason Atkins, chief commercial officer at crypto market maker Auros.

An exchange-traded fund based on spot bitcoin is likely to win approval soon. Meanwhile, an event known as “halving” next year will reduce the supply of new bitcoins. Such halvings have historically preceded price jumps.

On Friday, gold futures settled at a record end-of-day high. Many investors value gold as a hedge against inflation and geopolitical risk, and some crypto supporters view bitcoin as a form of digital gold. Gold futures were little changed early Monday.

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Auros tightens bid-ask spreads around the spot price to facilitate trading at a fair price, reducing costs to traders.