Bitcoin reaches $50,000 for the first time since December 2021 – E24

Bitcoin reaches $50,000 for the first time since December 2021 – E24

Cryptocurrency continues its rise and reaches a new stage.

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On Monday evening, the cryptocurrency was traded at more than $50,000, equivalent to 520,000 kroner, according to data from Coinmarketcap. The highest level since December 2021, according to Bloomberg.

However, the top listing of $65,000 as of 2021 is still some way off.

So far this year, the price of Bitcoin has risen 13 percent. But compared to the same time last year, the rate has risen by 130 percent.

Bloomberg writes that the latest surge comes after the approval of new exchange products in the United States, an event that represents a milestone for the cryptocurrency industry.

The new products were approved after a year-long tug of war with the US Financial Regulatory Commission (SEC), which gave the green light for a number of US Bitcoin ETFs to be traded on US exchanges.

There has also been optimism in US stock markets recently. This happens, among other things, after the US Central Bank indicated that it is moving towards lowering interest rates during 2024.

Risk appetite has also extended to digital assets, Chris Newhouse, an analyst at Cumberland Labs, tells Bloomberg.

Scandals

The cryptocurrency is known for its high volatility, and has been affected by a number of scandals.

In late November 2023, the head of Binance, the world's largest cryptocurrency exchange, resigned after pleading guilty to violating US money laundering laws.

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In November 2022, cryptocurrency exchange FTX went bankrupt. Cryptocurrency entrepreneur Sam Bankman-Fried was later convicted of fraud. Bankman-Fried's defense attorney, Mark S. Cohen told E24 that Bankman-Fried maintains his innocence and will continue to fight the charges against him.

Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

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