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Bitcoin breaks $50,000 mark for first time in two years

Bitcoin hits highest level in over two years as investors anticipate broader trading approval and positive market momentum.

Bitcoin has spiked above $50,000 for the first time in more than two years as investors grow optimistic that US approval of broader trading in the unit will ramp up demand.

The advance on Tuesday saw it hit as much as $50,328, according to Bloomberg data, its highest level since late 2021.

And observers were optimistic about the outlook.

"Enthusiast buyers bring in more enthusiast buyers, pushing prices further up," Fadi Aboualfa of Copper Technologies said.

"The cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10 percent (as we saw last week)."