Bitcoin hits $40,000 level for the first time this year

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Dec 3 (Reuters) – Bitcoin hit $40,085 on Sunday, its highest in almost a year and a half, fuelled by bets that U.S. regulators will soon approve stock-market traded bitcoin funds. Bitcoin was up 1.55% at 2234 GMT, adding $611 to its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is up 51.1% from the year’s low of $26,533 on Oct. 11. Bitcoin has more than doubled in price so far this year, recovering to its levels prior to the May 2022 meltdown of the so-called stablecoin terraUSD and its sister token. Their downfall caused havoc in crypto markets and sparked the bankruptcy of some high-profile companies in the crypto sector. Bitcoin is still down from its record high of $69,000, scaled in November 2021. It has so far failed to make a breakthrough to mainstream commerce, long predicted by backers, and most large investors and companies remain wary of it as an investment. Ether , the coin linked to the ethereum blockchain network, rose 2.07% to $2,210.70 on Sunday, adding $44.90 to its previous close. Reporting by Nilutpal Timsina in Bengaluru; Editing by Lisa Shumaker and Chizu Nomiyama Our Standards: The Thomson Reuters Trust Principles. Acquire Licensing Rights, opens new tab

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