Bitcoin price reached $41,000 for the first time in 18 months

Bitcoin Price Nips $42,000 — 20-Month High; Crypto Stocks Spike; Bitcoin Miner Reverses After Merger

     Cryptocurrency prices rallied early Monday as bitcoin briefly eclipsed its $42,000 level overnight for the first time since April 2022. Crypto stocks including Coinbase (COIN), MicroStrategy (MSTR) and Marathon Digital (MARA) spiked early Monday. HUT stock reversed lower after the open following a 430% premarket jump on the merger between Hut 8 Mining and U.S. Bitcoin Corp.

Bitcoin price reached $41,000 for the first time in 18 months

     Bitcoin is once again having a moment. On Monday, the world's largest cryptocurrency soared past $41,000 for the first time in over a year and a half -- and marking a 150% rise so far this year.

      Volatile bitcoin rocketed from just over US$5,000 at the start of the pandemic to nearly US$68,000 in November 2021, according to FactSet, a period marked by a surge in demand for technology products. Prices fell back to earth during an aggressive series of Federal Reserve rate hikes aimed at taming inflation and then the collapse of FTX, one of the biggest companies in crypto.

     When 2023 began, a single bitcoin could have had for less than $17,000 after losing more than 75% of its value. Investors, however, began returning in large numbers as inflation started to cool. And the collapse of prominent tech-focused banks actually led more investors to turn to crypto as they bailed out of positions in Silicon Valley start-ups and other risky bets.

       "For the investors, this is a great opportunity to board the Bitcoin train before it leaves the station and speeds away to a new all-time high, possibly. A long-term approach would be the best strategy here rather than going all in, With Dollar-Cost Averaging ensuring you are still poised to take advantage in case a sudden phase of profit-taking kicks in and Bitcoin’s price suffers a bit,” Edul said."For the investors, this is a great opportunity to board the Bitcoin train before it leaves the station and speeds away to a new all-time high, possibly. A long-term approach would be the best strategy here rather than going all in, With Dollar-Cost Averaging ensuring you are still poised to take advantage in case a sudden phase of profit-taking kicks in and Bitcoin’s price suffers a bit,” Edul said.