Bitcoin Breaks $40K for First Time in 18 Months Amid Broader Crypto Market Rise

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

Bitcoin holders withdrew 37,000 BTC between Nov. 17 and Dec. 1, suggesting they were taking direct custody of their coins, CoinDesk reported earlier this week.