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

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

The cryp­tocur­ren­cy has risen some 16.3% so far this year (Rep­re­sen­ta­tion­al)

Wash­ing­ton:

Bit­coin hit the $50,000 lev­el for the first time in more than two years as the world’s largest cryp­tocur­ren­cy was buoyed by expec­ta­tions of inter­est rate cuts lat­er this year and last mon­th’s reg­u­la­to­ry nod for US exchange-trad­ed funds designed to track its price.

The cryp­tocur­ren­cy has risen some 16.3% so far this year, on Mon­day touch­ing its high­est since Dec. 27, 2021. At 11:31 a.m. EST (1731 GMT), bit­coin was up 5.58% on the day at $50,196.

“$50,000 is a sig­nif­i­cant mile­stone for bit­coin after the launch of spot ETFs last month not only failed to elic­it a move above this key psy­cho­log­i­cal lev­el but led to a 20% sell-off,” said Antoni Trenchev, co-founder of cryp­to lend­ing plat­form Nexo.

Cryp­to stocks also enjoyed a boost 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 firm MicroS­trat­e­gy — a notable buy­er of bit­coin — were up 11.7%.

The price of ether, the sec­ond-largest cryp­tocur­ren­cy, was up 4.08% at $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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