The cryptocurrency has risen some 16.3% up to now this 12 months (Representational)
Washington:
Bitcoin hit the $50,000 stage for the primary time in additional than two years because the world’s largest cryptocurrency was buoyed by expectations of rate of interest cuts later this 12 months and final month’s regulatory nod for US exchange-traded funds designed to trace its value.
The cryptocurrency has risen some 16.3% up to now this 12 months, 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 major milestone for bitcoin after the launch of spot ETFs final month not solely did not elicit a transfer above this key psychological stage however led to a 20% sell-off,” stated Antoni Trenchev, co-founder of crypto lending platform Nexo.
Crypto shares additionally loved a lift on Monday, with crypto alternate Coinbase up 4.86% and crypto miners Riot Platforms and Marathon Digital up 11.9% and 13.7%, respectively. Shares of software program agency MicroStrategy — a notable purchaser of bitcoin — have been up 11.7%.
The worth of ether, the second-largest cryptocurrency, was up 4.08% at $2,606.60.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
