Bitcoin reached the $50,000 milestone for the first time in over two years, buoyed by expectations of interest rate cuts later this year and regulatory approval of trading on U.S. exchanges last month.
According to Reuters, Bitcoin has hit the $50,000 level for the first time in over two years. This cryptocurrency has risen 16.3% since the beginning of the year, reaching its highest level since December 27, 2021, on Monday. As of 12:56 PM Eastern Time (1756 Greenwich Mean Time), Bitcoin rose 4.96% to $49,899, fluctuating around the $50,000 mark.
Cryptocurrency stocks were also boosted on Monday, with Coinbase, a cryptocurrency exchange, rising 4.9%, and cryptocurrency miners Riot Platforms and Marathon Digital increasing by 10.8% and 11.9%, respectively. Shares of software company MicroStrategy (MSTR.O), a notable buyer of Bitcoin, rose 10.2%.
The price of the second-largest cryptocurrency, Ethereum, rose 4.12% to $2,607.57.
Global stock indices also edged higher on Monday, as traders sought clues on when the Federal Reserve might begin cutting interest rates. Analysts and financial markets expect May to be the start of rate cuts this year.
Reuters reported that the U.S. Securities and Exchange Commission approved the first-ever spot Bitcoin ETF in the United States on January 10, marking a milestone for the world’s largest cryptocurrency and the broader crypto industry, which has been attempting to bring such products to market for over a decade.
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