Bitcoin hits US$50,000 for first time in more than two years

The news: The value of the world's largest cryptocurrency Bitcoin reached USD50,000 ($76,565) for the first time in more than two years, buoyed by expectations of interest rate cuts later this year and last month's regulatory approval for US exchange-traded funds (ETFs), Reuters reported.

The numbers: Bitcoin has risen 16.3% so far this year, reaching its highest value since 27 December 2021. At market close on Monday the cryptocurrency was up 4.44% at USD50,176.

Bitcoin was not the only crypto stock to enjoy an in-day boost, as crypto exchange Coinbase lifted 3.75% and crypto miners Marathon Digital and Riot Platforms gained 14.19% and 9.42% respectively. The second-largest cryptocurrency Ether was up 5.73% at USD2,641 while bitcoin buyer MicroStrategy rose 11.02%.

The context: On 10 January the US securities regulator approved 11 spot bitcoin ETFs in a major boost for Bitcoin and the broader the cryptocurrency industry, which had been trying to bring such a product to market over a decade. Global stock indices also rose slightly on Monday, as traders looked for cues on when the US Federal Reserve might begin cutting interest rates.