The Bitcoin Price Reaches a 19-Month High

(CTN News) – Bitcoin’s recent rally to a near 19-month high has led to an increase in the value of cryptocurrency miners and tracking companies’ shares on Friday.

The positive trend is attributed to improved risk appetite among investors. The optimism surrounding the potential approval of a spot ETF is driving the upward trajectory of Bitcoin, which is up by 1.6% and valued at $38,337.

Other factors contributing to the cryptocurrency market’s growing momentum include the resolution of uncertainties surrounding Binance and the anticipation of increased money printing in 2024.

The stocks of bitcoin mining companies, such as Riot Platforms, Marathon Digital, and TeraWulf, experienced a rise ranging from 1.7% to 4% as the value of increased. J.P. Morgan adjusted its price targets for Cipher Mining, CleanSpark, Iris Energy, Marathon Digital, and Riot Platforms to account for the surge in bitcoin.

These mining companies are also ramping up their production ahead of Bitcoin’s upcoming “halving” event, which will reduce the rewards for mining the cryptocurrency by half.

Despite a decrease in trading volume reported by Coinbase earlier in the month, its shares saw a 2.5% increase following a remarkable 62% surge in November, surpassing bitcoin’s 11% climb.

As we approach 2024, CFRA Research analyst Michael Elliott predicts that Coinbase will experience an increase in transaction volume and transaction revenues due to the rise in crypto prices.

However, Elliott warns that the crypto exchange will face legal challenges and new regulations that may result in stock volatility.

Despite these concerns, the approval of ETFs has helped to alleviate some worries, especially after the recent news of the founder of the world’s largest crypto exchange pleading guilty to breaking U.S. anti-money laundering laws. Other companies, such as Microstrategy and ProShares Bitcoin Strategy ETF, have also seen gains in the market.

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