Bitcoin achieved a significant milestone yesterday by surging above $38,000 for the first time since May 2022, as investors recognize the top crypto as a dominant global macro asset.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has been putting smiles on investors’ faces with its recent price action. In the early hours of yesterday, Bitcoin broke the $38,000 resistance for the first time since May 2022.
Bitcoin Could Hit $40K By Weekend
Bitcoin stayed above $38,000 for hours yesterday, surging to around $38,350 before plunging to $37,800. At the time of writing this line, the world’s largest cryptocurrency was changing hands at $37,850. Following Bitcoin’s massive surge, it is evident that the cryptocurrency is attempting to push higher towards $40,000.
Interestingly, Laurent Kssis, a crypto exchange-traded product (ETP) expert, shares this sentiment in a recent interview. Kssis speculated that the world’s largest cryptocurrency could hit the $40K threshold over the weekend.
According to Kssis, the expectations of a spot Bitcoin ETF in the United States could add new layers of volatility to the market. He pointed out that investors will be exposed to enormous risks and opportunities once the SEC approves a spot Bitcoin ETF.
Bitcoin Recognized as a Dominant Global Macro Asset
Kssis made the remark a few hours after Natalie Brunell, the host of Coin Stories podcast, emphasized that people gradually recognize Bitcoin as a dominant global macro asset with no issuer.
Per a video shared by former MicroStrategy CEO Michael Saylor, Brunell said Bitcoin performs better than other traditional financial instruments.
“People are just realizing that Bitcoin is not just the way to store wealth over the long run, especially when you zoom out, but we have an opportunity now to have a form of money backed by energy that no one can control or manipulate with unlimited velocity and instant settlement without relying on credit,” Brunell was quoted as saying.
#Bitcoin is finally being recognized as a dominant global macro asset. pic.twitter.com/0oR0CVtVrd
— Michael Saylor⚡️ (@saylor) November 24, 2023
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