(Updates to reflect bitcoin hitting $50,000)
WASHINGTON/LONDON, Feb 12 (Reuters) - 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 U.S. 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.
(Reporting by Hannah Lang in Washington and Alun John and Elizabeth Howcroft in London; Editing by Amanda Cooper)
