The price of bitcoin surpassed $50,000 for the first time since 2021

The world’s largest cryptocurrency, Bitcoin, rose above $50,000 for the first time in almost two years last month thanks to regulatory approval for U.S. exchange-traded funds that track its price last month and forecasts of interest rate reduction later this year.

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).

According to Antoni Trenchev, co-founder of the cryptocurrency loan site Nexo, «$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 also 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 well-known bitcoin buyer, increased 11.7%.

The second-largest cryptocurrency, ether, saw a price increase of 4.08% to $2,606.60.