Cryptocurrencies are up about 16.3% so far this year (representative)

Washington:

Bitcoin hit the $50,000 level for the first time in more than two years, with the world’s largest cryptocurrency boosted by expectations of an interest rate cut later this year and regulators’ endorsement last month of a U.S. exchange-traded fund designed to track its price.

The cryptocurrency has gained about 16.3% so far this year, hitting its highest level since December 27, 2021 on Monday. As of 11:31 a.m. ET (1731 GMT), Bitcoin was up 5.58% on the day at $50,196.

Antoni Trenchev, co-founder of the crypto lending platform, said: “After the launch of the spot ETF last month, Bitcoin’s price reaching $50,000 was a major milestone, which not only failed to break through this key psychological level, but also led to a 20% sell-off.” Keso.

Cryptocurrency stocks also received a boost on Monday, with cryptocurrency exchange Coinbase rising 4.86% and cryptocurrency miners Riot Platforms and Marathon Digital gaining 11.9% and 13.7% respectively. Shares of software company MicroStrategy, a prominent buyer of Bitcoin, rose 11.7%.

Ethereum, the second-largest cryptocurrency, rose 4.08% to $2,606.60.

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