Bitcoin is at the level of $50,000 for the first time in two years, supported by expectations of a rate cut

Bitcoin is at the level of ,000 for the first time in two years, supported by expectations of a rate cut


Bitcoin reached the $50,000 level for the first time in more than two years after the world’s largest cryptocurrency received support from expectations of an interest rate cut later this year and from regulatory approval issued last month for exchange-traded funds designed to track the price of the digital currency.
Bitcoin has risen 16.3% so far this year, touching its highest levels since December 27, 2021. By 17:56 GMT, Bitcoin rose 4.96% during the day at $49,899, after it oscillated around the $50,000 level.
“$50,000 is an important pivotal stage for Bitcoin after the launch of spot ETFs last month not only failed to entice a move above this key psychological level, but led to a 20% sell-off,” said Anthony Trenchev, co-founder of cryptocurrency lending platform Nexo.
Cryptocurrency stocks also received support, with shares of Coinbase rising 4.9% and shares of cryptocurrency mining companies Royet Platforms rising 10.8% and Marathon Digital rising 11.9%. Shares of the software company MicroStrategy, a prominent buyer of Bitcoin, rose 10.2%.
The price of Ether, the second largest cryptocurrency, rose 4.12% to $2,607.57.
Global stock indices also rose on Monday as traders awaited clues that might reveal a possible date for the Federal Reserve to begin cutting interest rates. Financial market analysts and forecasters point to May as a possible start for interest rate cuts this year.

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