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Bitcoin surged

Bitcoin surged on Monday, reaching a 20-month high, briefly surpassing $42,000. This renewed momentum is fueled by expectations of a U.S. interest rate cut and speculation that American regulators may soon approve exchange-traded spot bitcoin funds.
The cryptocurrency hit $42,162, the highest since April 2022, indicating a rebound from the market's recent downturn following the collapse of FTX and other crypto-related businesses.
Bitcoin's rise had a ripple effect, boosting shares of cryptocurrency-related companies like Coinbase and Microstrategy, as well as various bitcoin miners. The ProShares Bitcoin Strategy ETF, tracking bitcoin futures, also saw a significant increase in value.