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Bitcoin reaches highest level in two years

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Bitcoin reaches highest level in two years

After a tough start to the year, the cryptocurrency has turned the curve.

– $50,000 is a significant milestone for Bitcoin after the launch of spot ETFs last month not only failed to trigger a move above this key psychological level, but also led to a decline and in-depth introspection around these new Bitcoin products, Antoni Trenchev, co-founder of crypto services company Nexo, told CNBC.

So far this year, the Bitcoin price has increased by 13 percent. Compared to last year, the course has increased by as much as 130 per cent.

Earlier in January, the US Financial Services Authority confirmed that it approves direct investments in Bitcoin by exchange-traded funds.

“The hope for Bitcoin enthusiasts is that these developments will finally bring the cryptocurrency into the mainstream, allowing fund managers and more traditional market participants the opportunity to allocate a percentage of their portfolio to this fast-moving asset,” Scope Markets Analyst Joshua Mahony told MarketWatch .

Bitcoin exchange-traded funds (ETFs) have not delivered the expected increase in trading volume and prices. Mizuho analyst Dan Dolev reports that average daily trading volume on Coinbase has dropped from $2.5 billion to $1.9 billion since the ETFs launched in January.

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