The US dollar value of Bitcoin has surpassed the $40,000 mark in the early Asian trading hours today (Monday). As of press time, the original cryptocurrency is inching closer to $49,000 apiece, gaining about 3.8 percent in the past 24 hours.

A Remarkable Milestone for Bitcoin

With the ongoing rally, Bitcoin crossed the $40,000 level for the first time in 19 months since early May 2022.

Meanwhile, the push in the price was not limited to Bitcoin. Ethereum, the second-largest crypto by market capitalization, is trading beyond $2,200 a piece. In the past seven days, Bitcoin gained 9.5 percent, while Ethereum increased by over 8.3 percent.

FOMO Grips the Crypto Market

While the crypto industry is witnessing positive and negative developments, the FOMO (fear of missing out) phenomenon has engulfed traders, the factor behind the latest rally. The crypto fear and greed index has jumped to 74, the highest since November 2021.

Traders are also optimistic about the upcoming decision on the Bitcoin exchange-traded fund, as the Securities and Exchange Commission (SEC) approval deadline is approaching. Further, the involvement of traditional financing industry giants like Blackrock has heightened the sense of optimism.

However, the actions against Binance in the US failed to shutter the enthusiasm for cryptocurrencies. Changpeng Zhao recently handed over control of Binance, the largest crypto exchange by trading volume, to Richard Teng, a former regulatory executive, and has pled guilty to one count of money laundering charges in the US. The exchange settled with the US federal prosecutors, paying $4.3 billion, and paid another $2.85 billion to settle with the US commodities regulator. The exchange and its former CEO, Zhao, is still fighting the civil charges against them brought by the SEC.

The turmoil at Binance has led to a significant outflow of cryptocurrencies from the exchange, while its rivals, such as Coinbase, have seen an increase in their crypto reserves.