The price of Bitcoin has risen above $49,000 for the first time in over two years in a new rally.
The world’s most popular cryptocurrency is up 3.45% trading at $49,824.6 at the time of writing this report according to the data on Investing.com. This is its highest level since December 2021.
The climb pulled crypto equities higher, according to CNBC. Crypto exchange Coinbase gained more than 5% while bitcoin proxy Microstrategy advanced nearly 10%. Several mining stocks were up double digits. The two biggest miners, Riot Platforms and Marathon Digital, rose 11% and 14%, respectively. CleanSpark surged 16% and Iris Energy rose about 18%.
This recent surge comes one month after the US Securities and Exchange Commission (SEC) gave the nod to bitcoin-linked exchange-traded funds, the spot markets finally appear to be moving in the anticipated direction.
Ark Invest’s ARKB ETF became the latest bitcoin ETF to net more than $1 billion in assets under management, joining BlackRock’s iShare Bitcoin ETF (IBIT), the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Grayscale Bitcoin Trust (GBTC).
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
