Bitcoin hits $40,000 level for the first time since May 2022

Bitcoin surpasses $40,000 as interest-rate reductions and demand from exchange-traded funds drive the rebound. The token's 2023 jump reaches 142%. The TerraUSD stablecoin collapse and subsequent crypto sector rout occurred before Bitcoin last reached $40,000. The Federal Reserve's expected rate cuts and the potential approval of US spot Bitcoin ETFs by January support the optimism around Bitcoin. The upcoming Bitcoin halving in 2024, along with a maturing industry and widening investor base, contribute to the positive market mood.

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