Bitcoin price surges above $42,000 as rate cut bets fuel cross-asset rally Bitcoin surged to its highest price in nearly 20 months while gold hit an all-time peak on Monday, as frenzied investor speculation that interest rates will fall next year rippled through assets across the globe. The cryptocurrency soared to more than $42,000 on Monday, also boosted by optimism that the toughest regulatory punishments for the industry have passed. It later fell back to $41,662, up 7.4 per cent on the previous day. Gold rallied as much as 3 per cent to $2,135 per troy ounce on Monday, a new record, before slipping to $2,025 per troy ounce, according to LSEG data. The moves follow a recent rush into stocks and bonds, fuelled by growing expectations that the Federal Reserve will soon cut borrowing costs despite chair Jay Powell’s assertion on Friday that it was “premature” to conclude that the central bank has won its battle with inflation. “You look at bitcoin and gold and you see a very simila
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