Bitcoin rose by 5.17 percent on Monday and exceeded the threshold of USD 50,000 (90,000 KM) for the first time since 2021. The oldest and most widely used cryptocurrency is being helped by the expectation that the US Federal Reserve (FED) will cut its key interest rate this year.
Investors’ willingness to put money into bitcoin was also supported last month by US regulators’ approval of exchange-traded funds (ETFs) to track their price.
According to CoinDesk, bitcoin has risen more than five percent to $50,196 in the past 24 hours. This is the highest amount since December 2021.
Along with Bitcoin, ethereum, the second most widely used cryptocurrency, rose on Monday. At the same time, it strengthened by more than four percent and exceeded the price of $2,600.
The revival of the cryptocurrency market was helped by the shares of the cryptocurrency exchange Coinbase, which rose by nearly five percent, and the shares of other companies related to the cryptocurrency industry are also growing.
