Bitcoin breaks $42k with market cap outstripping Tesla and Berkshire Hathaway Bitcoin breaks $42k with market cap outstripping Tesla and Berkshire Hathaway
The flagship cryptocurrency touts an $818B market cap as markets anticipate the upcoming halving and major ETF decisions.
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Updated: Dec. 4, 2023 at 11:05 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) has broken the $42,000 mark, riding on a wave of optimism fueled partly by spot ETF hopefulness and the anticipation of the upcoming halving event.
Bitcoin’s surge has propelled it into the top ten assets by market cap globally. With a market capitalization of $818 billion, Bitcoin surpassed Berkshire Hathaway and even Tesla. Bitcoin’s performance starkly contrasts with even high-performing traditional assets, including gold, which has appreciated by only 12% year-to-date.
The bullish sentiment around Bitcoin is further intensified by predictions from key industry figures. Blockstream CEO Adam Back expressed his belief on social media that Bitcoin will likely hit $100,000 before its next halving. While some community members align with Back’s bullish outlook, others caution against what they see as speculative guessing in an unpredictable market.
The push for a spot Bitcoin exchange-traded fund (ETF) has also contributed to Bitcoin’s positive market sentiment. Major financial institutions such as BlackRock and Fidelity Investments are striving to secure regulatory approval for their spot Bitcoin ETF applications.
Part of BlackRock’s proposed solution to meet the SEC’s concerns over market manipulation and broker-dealer registrations is to modify the current in-kind redemption model for the ETF shares during the redemption process. This move is seen to isolate the broker-dealer from risks associated with transferring Bitcoin to the market maker.
Internationally, Bitcoin has also been making headlines. El Salvador’s President Nayib Bukele claimed that the country’s recent surge has made Bitcoin’s investment profitable. However, data from NayibTracker contradicted Bukele’s statement as the price withdrew. At press time, the value of El Salvador’s Bitcoin holdings sat at $116,546,001, down 0.56% overall.
At press time, Bitcoin had retracted to $41,955, up 5.45% over 24 hours.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.