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Bitcoin Hits $50,000 Level For First Time In More Than Two Years

Virtual currencies have risen about 16.3% so far this year (representative data)

Washington:

Bitcoin, the world’s largest cryptocurrency, has been on the rise for two years, boosted by expectations of interest rate cuts later this year and last month’s loosening of regulations for U.S. exchange-traded funds (ETFs) aimed at tracking its price. It reached the $50,000 level for the first time.

The cryptocurrency has gained about 16.3% so far this year, reaching its highest price since December 27, 2021 on Monday. As of 11:31 a.m. ET (17:31 GMT), Bitcoin was up 5.58% on the day to $50,196.

“Last month’s spot ETF launch not only failed to elicit a move above this important psychological level, but also led to a 20% decline,” said Antoni Trenchev, co-founder of the crypto lending platform. “So $50,000 is an important milestone for Bitcoin.” Nexo.

Cryptocurrency stocks also rose on Monday, with crypto exchange Coinbase up 4.86% and crypto miners Riot Platforms and Marathon Digital up 11.9% and 13.7%, respectively. Shares of software company MicroStrategy, a prominent buyer of Bitcoin, rose 11.7%.

The price of Ether, the second largest cryptocurrency, rose 4.08% to $2,606.60.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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