Dec 4 (Reuters) - Cryptocurrency-related stocks listed in the U.S. surged on Monday, looking to extend their strong November gains, as bitcoin topped $42,000 to hit a fresh high for the year.

Shares of companies whose fortunes are tied to the cryptocurrency have rallied in recent weeks, spurred by optimism about potential interest rate cuts in the U.S. as well as traders betting on the imminent approval of U.S. stock market-traded bitcoin funds.

Bitcoin climbed 4.1% to $41,649- its highest since April 2022. It had hit $42,162 earlier in the session.

"The impact of an (ETF) approval is going to be big in terms of investment appetite because it's going to be more easily regulated, more attractive and easier to invest," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

"What we have right now is a risk rally, and bitcoin is also benefiting big time from falling yields. There is also this positive bullish sentiment into next year because it is going to be the year of halving."

https://www.reuters.com/markets/us/crypto-stocks-surge-bitcoin-hits-fresh-2023-high-2023-12-04/