Bitcoin broke the $50,000 mark for the first time in two years on the night of Tuesday, February 13. This increase brings the cryptocurrency closer to its record high of $69,000 in November 2021.
According to analysts, Bitcoin’s recent rise can be attributed to speculation in the American stock market, possibly influenced by the launch of exchange-traded ETFs investing in digital currencies in January.
Other factors contributing to the surge in BTC include reports of the Federal Reserve’s readiness to lower interest rates and potential easing of monetary policy by the US government in the coming months.
Additionally, stocks of companies related to the cryptocurrency industry, such as MicroStrategy and Coinbase, also saw significant increases in their value. On Monday, Bitcoin miners also experienced growth, with Marathon Digital being the top performer with a 12% increase.