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HomeBitcoinReasons Why Bitcoin (BTC) Price Hits Yearly High Crossing $38000 Mark

Reasons Why Bitcoin (BTC) Price Hits Yearly High Crossing $38000 Mark

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Bitcoin, one of the world’s most popular cryptocurrencies, once again portrayed dominance within the crypto realm as it recently surged past the $38,000 mark for the first time this year. Although the price went down shortly after, Bitcoin stirred up quite the speculation among crypto market enthusiasts as it noted a phenomenal surge over the past few days.

Some Significant Contributors to Bitcoin Rallying This Year

Binance’s Legal Woes

Binance’s recent legal matters orbiting money laundering appear to come as a noteworthy contributor to Bitcoin’s upswing.

Changpeng “CZ” Zhao, the CEO of Binance, recently pleaded guilty to federal criminal charges called out by the US Department of Justice and agreed to pay a settlement of $4.3 billion, inculcating renewed confidence among crypto market enthusiasts about easing confidence orbiting the exchange’s future and its influence on the broader crypto markets.

Additionally, the aforementioned development also comes within a month of FTX founder Sam Bankman-Fried’s conviction in a federal fraud and conspiracy trial.

Bitcoin ETF Approval Speculations

The discussions revolving around the potential approval of a Bitcoin spot ETF seem to have fueled up speculations among crypto investors and traders recently as the Bitcoin price witnessed a price surge.

An ETF could provide conventional investors with a means to be exposed to Bitcoin without the need to directly own or oversee the cryptocurrency, thereby potentially broadening its investor pool and generating additional demand.

The Bitcoin cryptocurrency appears to be in a range bound since March this year, witnessing a constant price flux between a support and a resistance level of $25000 and $30,000, respectively.

Moreover, since the announcement of the potential approval of a Bitcoin spot ETF in October this year, the Bitcoin price surged phenomenally, crossing the $38000 mark briefly on Friday, November 24.

Also read: Uniswap X Surpasses $1 Bln In Trading Volume, UNI Price Up 24%

Macroeconomic Factors

Furthermore, investors also considered the minutes from the Federal Open Market Committee meeting, disclosed on the settlement day. The minutes hinted that officials portrayed limited interest in the reduction of interest rates in the immediate future, potentially exerting a moderating influence on risk assets such as Bitcoin.

While the Federal Reserve’s cautious stance might restrain Bitcoin prices in the short run, the overarching outlook for the cryptocurrency remains optimistic.

Bitcoin (BTC) Price Evaluation Report

At the time of writing, the Bitcoin price witnessed a marginal surge of 0.18% over the past twenty-four hours, reaching $37,719 today, November 25. Furthermore, the token noted a substantial increase of 3.45% over the past week, along with a 10% increase over the past month.

Besides, the token gained significant traction within broader crypto markets as it briefly crossed the $38000 mark. Interestingly, the twenty-four-hour trading volume also witnessed a 29.89% upswing, evaluating $19.93 billion.

Also read: BitMEX Founder Arthur Hayes Predicts Impending BTC Price Rally, Here’s Why

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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