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Bitcoin Hits Record Level, Touches 50K USD For First Time in More Than Two Years; Deets Inside
For the first time since December 2021, the price of one Bitcoin (BTC) coin has surpassed $50,000. By market capitalization, the biggest digital asset reached $50,000 at 11 a.m..
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Bitcoin (BTC) has hit past $50,000 per coin for the first time since December 2021
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The cryptocurrency rose around some 16.3% so far this year, on Monday
The world's largest cryptocurrency, Bitcoin, surged beyond $50,000 for the first time in almost two years, helped by regulatory approval of US exchange-traded funds that tracked its price last month and predictions of interest rate reduction later this year.
Bitcoin Reaches a Record Level Close to USD 50,000 for First Time in Two Years
This year, the cryptocurrency has increased by about 16.3%, and on Monday it reached its highest level since December 27, 2021. At $50,196, bitcoin had gained 5.58% on the day as of 11:31 a.m. EST (17:31 GMT).
Antoni Trenchev, co-founder of crypto lending platform Nexo says, "$50,000 is a significant milestone for bitcoin after the launch of spot ETFs last month not only failed to elicit a move above this key psychological level but led to a 20% sell-off."
Coinbase, a cryptocurrency exchange, increased by 4.86% on Monday, while Riot Platforms and Marathon Digital, two cryptocurrency miners, saw increases of 11.9% and 13.7%, respectively, in their stocks. The stock of MicroStrategy, a prominent bitcoin buyer, increased 11.7%. The second-largest cryptocurrency, ether, saw a price increase of 4.08% to $2,606.60.
Following the approval of several much anticipated exchange-traded funds (ETFs) in January, Bitcoin appeared to be having a sluggish year.
The Securities and Exchange Commission approved the investment vehicles following ten years of rejections, but Bitcoin's value fell. The reason for this was that once investors wished to redeem their shares, one of the largest fund managers, Grayscale, sold coins. However, it appears that the pressure has subsided and money is once again pouring into the area.
Analysts' speculations
Analysts attribute the spike in Bitcoin to large investors stockpiling the cryptocurrency and Wall Street's newfound interest in the tech sector. Analysts have been speculating since last week that on-chain data suggests that Bitcoin would probably see a significant increase.
All of this is happening before the start of the April Bitcoin halving, which will result in a 3.125 BTC reward for Bitcoin miners instead of the 6.25 BTC payout.
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