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price of Bitcoin On Friday, it set a new record, surpassing $70,000 for the first time in history.
The cryptocurrency recouped the gains from the surge and ended up falling more than 1% to $66,943.70, according to Coin Metrics. However, at one point it rose to $70,170.00, surpassing its all-time high set on Tuesday.
The rise began around the time the US stock market opened. With the introduction of spot Bitcoin exchange-traded funds in the US, big movements in cryptocurrencies tend to occur during traditional stock trading hours.
Bitcoin reaches $70,000
This early advance may have been due in part to investors looking at February’s jobs report, which predicted higher unemployment rates and slower job growth in December and January than originally reported. They may have hoped that this would pave the way for the Fed to begin lowering interest rates later on. this year.
However, crypto trading has been particularly volatile this week. After Bitcoin hit a new record for the first time in more than two years on Tuesday, it quickly fell by as much as 10%, dragging other cryptocurrencies and crypto stocks down as well, only to recover much of its losses the next day.of Bitcoin Historical Volatility Index According to TradingView, this is the highest price in almost a year.
“Past highs are notoriously difficult to overcome, and Bitcoin dams don’t tend to burst on the first demand,” said Antoni Trenchev, co-founder of cryptocurrency exchange Nexo. “Bitcoin’s sell-off on Tuesday was healthy and necessary, and a prelude to further upside. Volatility defines the Bitcoin bull market, and 2024 is set to be a sudden and gut-wrenching 10 We’re going to see a steep decline of ~20%.”