Bitcoin Breaks $40K for the First Time in 18 Months

The price of Bitcoin (BTC) hit $40,000 on Sunday for the first time in 18 months, while Ethereum (ETH) rose past $2,200 amid a broader – if subdued – rally in the crypto markets.
Bitcoin’s price had been toying with the $40,000 level in recent days, but finally breached it Sunday to trade at around $40,130 as of press time, according to CoinGecko data, a 24-hour rise of about 2%.

Ethereum was trading hands at $2,205, a similar percent rise over the past 24 hours. Most other top-10 cryptocurrencies by market capitalization marked smaller gains, though BNB coin, a token affiliated with the Binance exchange, was down about 0.1% over the past day.

The price of the world’s largest and oldest cryptocurrency fell below $40,000 in April 2022 but has been rallying over the past few months largely due to seemingly dovish comments from U.S. central bankers and hopes that a spot bitcoin exchange-traded fund (ETF) may be approved to launch in the country.

Ethereum has similarly not traded hands above $2,200 since May 2022, though it’s come close a few times.