Crypto heavyweight Bitcoin crossed the $50,000 mark late Monday for the first time in over two years as investors remain optimistic that U.S. approval of broader trading in the unit would push demand up.
The cryptocurrency has enjoyed a strong run in recent months, fuelled by expectations U.S. lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto without directly purchasing it.
After initially dropping in reaction to last month’s green light by Washington, Bitcoin has rallied about 25% since Jan. 22.
According to Bloomberg data, that advance saw the world’s largest cryptocurrency hit as much as $50,328, its highest level since late 2021.
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