Bitcoin surged past the $50,000 mark, reaching its highest level in over two years, fueled by anticipated interest rate cuts and recent regulatory approvals for US exchange-traded funds (ETFs) tracking its price. The cryptocurrency has seen a 16.3% increase this year, hitting its peak at $49,899, amidst expectations of further gains.
Antoni Trenchev, Co-Founder of Nexo, noted, "US$50,000 is a significant milestone for Bitcoin after the launch of spot ETFs last month", highlighting the positive impact despite a previous 20% sell-off. The milestone has also boosted crypto-related stocks, with Coinbase rising 4.9%, and crypto miners Riot Platforms and Marathon Digital gaining 10.8% and 11.9%, respectively. Software firm MicroStrategy, known for its Bitcoin holdings, saw a 10.2% increase in its shares.
Ether, the second-largest cryptocurrency, experienced a 4.12% uptick, reaching $2,607.57. Meanwhile, global stock indexes saw marginal gains as traders sought clues on potential interest rate cuts by the United States Federal Reserve, with May being identified as a likely starting point according to analysts and market expectations.