Bitcoin Hits $50,000 For The First Time In Two Years. What Are The Factors Driving The Rally?
Bitcoin has surged past the $50,000 mark for the first time in over two years, driven by expectations of future interest rate cuts and recent regulatory approvals for US exchange-traded funds (ETFs) linked to its price. It has climbed by 16.3 percent since the start of the year, reaching its highest point since December 27, 2021. As of the latest update on Monday, Bitcoin was up by 4.96 percent at $49,899, maintaining its position close to the $50,000 level. On Monday, other crypto-related stocks also experienced gains, with crypto exchange Coinbase seeing a 4.9 percent increase, and crypto miners Riot Platforms and Marathon Digital witnessing rises of 10.8 percent and 11.9 percent, respectively. Shares of software firm MicroStrategy, known for its substantial Bitcoin holdings, also rose by 10.2 percent. Additionally, the price of ether, the second-largest cryptocurrency, rose by 4.12 percent to $2,607.57
