The price of Bitcoin (BTC), the largest crypto by market cap, has surpassed $50,000 for the first time since December 2021.
According to Coinbase data, Bitcoin (BTC) crossed the $50,000 threshold at 11 a.m. Eastern Time (5 p.m. Central European Time) on Monday.
BTC has increased in value over the last seven days by more than 15% from its price of less than $22,000 at this time last year. It is now 16% higher than it was a month ago.
After several eagerly anticipated exchange-traded funds (ETFs) were approved in January, it appeared as though Bitcoin would have a slow year.
After 10 years of rejections, the US Securities and Exchange Commission (SEC) approved the investment vehicles, but Bitcoin’s value fell.
This resulted from Grayscale, one of the largest fund managers, selling coins to investors who wished to redeem their shares. However, it appears that the pressure has subsided and money is once again pouring into the area.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.
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