Bitcoin Hits $50k level for first time in more than two years

Bitcoin soared to the $50,000 echelon for the first time in over a biennium, propelled by anticipations of impending interest rate reductions and the recent regulatory approval for U.S. exchange-traded funds dedicated to mirroring its valuation.

The cryptocurrency has ascended by approximately 16.3% this year, reaching its zenith on Monday, a pinnacle not witnessed since December 27, 2021. By 11:31 a.m. EST (1731 GMT), bitcoin exhibited a 5.58% surge, settling at $50,196.

"$50,000 marks a momentous juncture for bitcoin. Following the introduction of spot ETFs last month, there was not only an absence of an upward shift beyond this pivotal psychological threshold but it precipitated a 20% downturn," articulated Antoni Trenchev, the co-founder of Nexo, a cryptocurrency lending platform.

On Monday, cryptocurrency stocks experienced a notable upswing. Coinbase, a crypto exchange, recorded a 4.86% increase, while crypto mining companies Riot Platforms and Marathon Digital witnessed gains of 11.9% and 13.7%, respectively. Shares of MicroStrategy, a significant acquirer of bitcoin, also surged by 11.7%. The valuation of ether, the second-largest cryptocurrency, displayed an uptick of 4.08%, reaching $2,606.60.