Bitcoin returns to above $40,000 after 578 days, and market confidence is gradually recovering! 🚀

Recently, the price of BTC broke through $40,000. As of the time of writing, the price of BTC was $40,744, a 24-hour increase of 3.5%. According to CoinGecko data, in 2023, the price of Bitcoin rose by 139.9%, with a market value of $797.3 billion. According to Companies Market Cap data, the current market value of Bitcoin exceeds Tesla and Berkshire, and enters the top ten of the global asset market value list.

So, what factors have driven the continued rise in Bitcoin prices? We have sorted out the following points for everyone:

1. Bitcoin spot ETF expectations: As the news of the landing of the Bitcoin spot ETF application continues to stimulate the crypto market, the market is full of expectations for the approval of the Bitcoin spot ETF.

2. Institutional funds continue to flow in: Recently, the net inflow of funds for digital asset investment products has continued to increase, showing the confidence of institutional funds in the crypto market.

3. Binance reaches a settlement with regulators: Binance has not found any problems that are serious enough to cause a crash under investigation by multiple regulators, which has built confidence in the market to some extent.

4. Active Bitcoin ecosystem: The active Bitcoin ecosystem has increased the number of secondary market traders, thereby driving up Bitcoin prices.

5. Increased Bitcoin miner income: Recently, Bitcoin miners' income has continued to increase, further driving up Bitcoin prices.

It seems that the rise in Bitcoin prices is the result of the combined effect of multiple factors. So, what do you think about the future trend of Bitcoin? Welcome to share your views in the comment section! 💬