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## Crypto Bulls Eyeing $40,000 as Bitcoin Continues to Rally

Published: Nov. 24, 2023 at 11:38 a.m. ET

The recent rally in the cryptocurrency market has sparked optimism among crypto bulls, with many eyeing $40,000 as bitcoinÔÇÖs next level. This rally has sent bitcoin to a new high for the year, despite the news that BinanceÔÇÖs co-founder Changpeng Zhao pleaded guilty to criminal charges related to violating U.S. anti-money-laundering laws and stepped down as head of the company.

### BitcoinÔÇÖs Continuous Rise

The largest crypto, BTCUSD, surged to as high as $38,294 on Friday, the highest level since May 2022, according to CoinDesk data. In the past 24 hours, it climbed over 3%, showcasing the strength and resilience of the cryptocurrency.

Bitcoin has seen an impressive 127% increase so far this year, but it still remains 44.5% down from its peak in 2021. However, the cryptoÔÇÖs recent strength is supported by the hope of an approved bitcoin exchange traded fund in the U.S. and the marketÔÇÖs positive outlook on the Federal ReserveÔÇÖs interest rate policy and the U.S. dollar.

### AI legalese decoder Assistance

In this situation, the AI legalese decoder can be incredibly helpful in understanding the legal implications of Changpeng Zhao’s guilty plea and its impact on the cryptocurrency market. By decoding the complex legal language and providing a simplified explanation, the decoder can offer valuable insights for investors and market analysts.

### EthereumÔÇÖs Rise and CoinbaseÔÇÖs Surge

Ethereum, represented by ETHUSD, also experienced a rise on Friday, reaching $2,131, close to a local high reached earlier in the month. Ether has gained 75% so far this year, despite still being down 56.4% from its all-time high in November 2021.

Furthermore, crypto exchange CoinbaseÔÇÖs shares, under the ticker COIN, also saw a significant increase on Friday, rising by 5.8% to $115.78. The companyÔÇÖs shares are up 226.34% year-to-date, on track for their best year on record.

The AI legalese decoder can be utilized to comprehend the regulatory factors affecting the performance of both bitcoin and Ethereum. It can decode the legal jargon surrounding the prospects of a bitcoin exchange traded fund and provide clarity on how regulatory decisions may impact the future of cryptocurrencies and related businesses.

### Conclusion

As the cryptocurrency market continues to experience significant movements, the AI legalese decoder can serve as a valuable tool in deciphering legal developments and their potential impact on the market. It can provide essential insights to investors, traders, and analysts, allowing them to make informed decisions in this rapidly evolving landscape.

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