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

Soaring high: An advertisement for bitcoin displayed on a tram in Hong Kong. The cryptocurrency has risen 16.3% so far this year, on Monday, touching its highest since Dec 27, 2021. — AP

WASHINGTON: Bitcoin hit the US$50,000 level for the first time in more than two years as the world’s largest cryptocurrency was buoyed by expectations of interest rate cuts later this year and last month’s regulatory nod for US exchange-traded funds (ETFs) designed to track its price.

The cryptocurrency has risen 16.3% so far this year, on Monday, touching its highest since Dec 27, 2021.