WASHINGTON/ LONDON: Bitcoin hit the $50,000 level for the first time in more than two years as the world’s largest cryptocurrency was buoyed by expectations of interest rate cuts later this year and last month’s regulatory nod for US exchange-traded funds designed to track its price.

The cryptocurrency has risen some 15.7% so far this year, on Monday touching its highest since Dec. 27, 2021. At 1721 GMT, bitcoin was up 4.8% on the day at $49,826, having oscillated around the $50,000 mark.