Bitcoin exceeds $40,000 milestone as the selling pressure eases.

Aneeca Younas

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Bitcoin (BTC-USD), the most prominent cryptocurrency, experienced a slight recovery in Wednesday’s afternoon trading, although it still trails significantly behind the record highs achieved following the U.S. approval of bitcoin-based exchange-traded funds (ETFs).

The cryptocurrency saw an increase of 1.9% to $40.1K, a rise from its two-month low of $38.5K. This rebound follows Bitcoin’s surge to approximately $49K, which occurred a day after the U.S. Securities and Exchange Commission approved 11 ETFs that invest directly in Bitcoin.

Concurrent with gains in the stock market, Bitcoin’s intraday rally also positively impacted other cryptocurrencies. Ether (ETH-USD) grew by 1.3% to $2.34K, while Solana (SOL-USD) and Cardano (ADA-USD) increased by 5.9% and 1.4%, respectively.

Overall, the global cryptocurrency market capitalization rose by 2.2%, reaching $1.56 trillion, as reported by CoinMarketCap.

Stocks related to the cryptocurrency sector mostly saw positive growth. MicroStrategy (MSTR) rose by 1.6%, Coinbase Global (COIN) by 0.2%, Marathon Digital (MARA) by 1.1%, HIVE Digital (HIVE) by 1.3%, CleanSpark (CLSK) by 3.6%, and Bitfarms (BITF) by 4.2%.