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Bitcoin is hovering around the $50,000 level after briefly rising to the closely watched level for the first time in more than two years, a notable comeback from cryptocurrency scandals and sweeps that cast doubt on the industry’s viability.
The largest digital asset rose to $50,328 in the United States and was trading at $49,980, and as of 7:40 a.m. on Tuesday in Singapore, its value has tripled since the beginning of last year after a 64% decline in 2022. Bitcoin is still lower From an all-time high of around $69,000 achieved in November 2021.
The new rise in cryptocurrency prices comes at a time when expectations of a more flexible monetary policy increase the attractiveness of riskier assets.
“Risk appetite has moved to digital assets as well,” said Chris Newhouse, a decentralized finance analyst at Cumberland Labs.
Shares of companies related to cryptocurrencies also rose, with the largest investor in Bitcoin, MicroStrategy, rising by 11%, the trading platform Coinbase Global rising by 3.8%, and the mining company Marathon Digital Holdings jumping by 14.2%. Positive sentiment could spread to Asian stocks related to digital assets.
Source: Agencies