Investors are increasingly convinced the Federal Reserve is done with rate hikes as inflation cools, turning the focus to the likely extent of cuts next year. The changed backdrop has fueled a rally across global markets.
Bitcoin scaled US$40,000 ($53,335.80) for the first time since May 2022 as the largest digital asset extended a rebound on expectations of interest-rate reductions and greater demand from exchange-traded funds.
The token added about 1% to trade at US$40,005 as of 7.22 am on Monday in Singapore, taking its 2023 jump to 142%. Bitcoin was last at US$40,000 before the TerraUSD stablecoin collapse that contributed to a rout in digital assets and a daisy chain of collapses in the crypto sector.
