Christmas Comes Early for Traders Says PayBitoPro Chief!

Bitcoin’s price rose above $41,000 on Monday. Thereafter, marking the first time since the Terra crash in April 2022, and indicating the start of the next bull run in 2024. PayBitoPro CEO, Raj Chowdhury, sees this as an early Christmas present for Bitcoin maximalists.

Crypto Industry Takes a Positive Turn With the Resolution of High-Profile Cases

Bitcoin’s price has experienced a remarkable surge of over 120% this year, and many experts are optimistic that this trend will persist into 2024. It’s worth noting that the currency’s previous all-time high of almost $69k was achieved in November 2021. However, the crypto industry has had to overcome numerous challenges since then, such as the collapse of coins and projects, bankruptcies, and legal trials.

Sam Bankman-Fried, the founder of FTX, once one of the largest exchanges, is now facing over 100 years in prison after being convicted on seven counts of criminal fraud. Additionally, Changpeng Zhao, the CEO of Binance, pleaded guilty to criminal charges and resigned from his position as part of a $4.3 billion settlement with the U.S. Department of Justice. However, many in the industry view the resolution of these two cases as a turning point in addressing the issues that have long plagued the crypto market.

Crypto’s 19-Month Winter Finally Ends!

Bitcoin’s price has been hovering around the $40,000 level for some time. However, finally breached it on Monday. reaching over $41,400. In the past 24 hours, the cryptocurrency has seen a rise of almost 5%, while Ether has seen a similar percentage increase and is now trading at $2,240. Among the top ten cryptocurrencies by market capitalization, BNB coin, affiliated with the Binance exchange, marked smaller gains and was down by approximately 0.1% during the past day. Meanwhile, gold prices have hit a record high of over $2,100 per ounce during the early Asian trading hours.

PayBitoPro’s CEO Shares His Opinion on Bitcoin’s Bullrun

Bitcoin maximalists and CEO of PayBitoPro Raj Chowdhury states, “2023 was about preparing for the forthcoming bull run. Optimism is high for 2024 and beyond. As speculation wanes, true innovators can now shift focus from a digital trading frenzy to harnessing Bitcoin’s potential for real-world impact.”

Recent data from CoinDesk reveals that between November 17 and December 1, Bitcoin holders withdrew 37,000 BTC. This suggests a shift towards direct custody. Investors are currently paying attention to positive developments. Such as the potential approval of a Bitcoin ETF and the upcoming Bitcoin halving scheduled for May 2024.

Typically, the halving event triggers a new rally and helps to keep a cap on the supply of Bitcoin.

“This remarkable surge is not just a financial milestone but a profound Christmas gift for traders worldwide,” concludes Chowdhury. He previously highlighted the potential of cryptocurrencies to create a borderless world.

Also Read- PayBitoPro: Best White-Label Crypto Exchange Provider in 2023

Looking Forward

The recent rise in Bitcoin’s value has once again emphasized its potential as a valuable asset class. While some may perceive it as a high-risk investment, others see it as a haven during times of geopolitical turbulence. With the likelihood of a Bitcoin ETF approval and the upcoming Bitcoin halving, the confidence in Bitcoin’s future remains positive. As we move forward into 2024, we will observe how the cryptocurrency market progresses. Moreover, how Bitcoin continues to influence the financial world.

Source: https://finance.yahoo.com/news/christmas-comes-early-traders-bitcoin-083000576.html