Bitcoin has reached the $50,000 level for the first time in over two years, supported by expectations of interest rate cuts later this year and regulatory approval granted last month for exchange-traded funds designed to track the price of the cryptocurrency. Bitcoin has risen 16.3% so far this year, touching its highest levels since December 27, 2021, on Monday. By 1756 GMT, Bitcoin was up 4.96% for the day at $49,899, after fluctuating around the $50,000 mark. Anthony Trenchev, co-founder of the cryptocurrency lending platform Nexo, stated, "The $50,000 level is a significant milestone for Bitcoin. After the launch of exchange-traded funds last month failed to entice a move above this key psychological level, it also led to a 20% sell-off."
Bitcoin Reaches $50,000 for the First Time in Over Two Years
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