Cryptocurrency prices jumped during Tuesday’s trading, driven by increased expectations of lowering interest rates later in the second half of 2024, and regulation of the Bitcoin trading market in the United States.
The market value of the cryptocurrency market increased by more than 4% over the past 24 hours to $1.88 trillion, according to data from the CoinMarketCap platform.
Bitcoin
The price of Bitcoin jumped 4.22% during the last 24 hours to reach $50,132, at the time of preparing the report, with each unit exceeding the level of $50,000 for the first time since December 2021.
The market value of the largest cryptocurrency in the world reached $984.26 billion.
Last January, US regulators approved the launch of exchange-traded funds designed to track the price of the most popular digital currency.
Despite its rise, Bitcoin is still far from its historic peak recorded in November 2021, when it recorded the level of $68,000 per unit at that time.
Since that time, several countries have issued laws to combat virtual currencies, while 2023 witnessed the conviction of a number of heads of cryptocurrency platforms for “deception, fraud, and money laundering,” led by the founder of the “FTX” platform, Sam Bankman Fried.
Regarding the prices of other cryptocurrencies:
- Ethereum price rose 6.72% to $2,662.
- The price of the Solana currency rose 8.49% to $11,480.
- Ripple increased 2.2% to $0.5295.
