price Bitcoin It jumped to a new record on Friday, surpassing $70,000 for the first time ever.
The cryptocurrency recently rose about 1% to $68,524.77, according to Coin Metrics. However, at one point it rose to $70,170.00, surpassing the previous record set on Tuesday.
The upward movement began at the time the US stock market opened. With the introduction of spot bitcoin exchange-traded funds in the US, big cryptocurrency moves now tend to happen during traditional stock trading hours.
Bitcoin reaches $70,000
This early advance may have been driven in part by investors who were studying the February jobs report, hoping that higher unemployment and cooler employment growth than initially reported in December and January would set the stage for the Fed to start cutting interest rates later. . this year.
However, cryptocurrency trading has been particularly volatile this week. After Bitcoin hit a new record high on Tuesday for the first time in more than two years, it quickly fell as much as 10%, sending other cryptocurrencies and cryptocurrency stocks down with them, then recovering much of those losses the next day. Bitcoin's historical volatility index has reached its highest level in almost a year, according to TradingView.
“Navigating old highs is very difficult, and Bitcoin's dam doesn't tend to burst the first time it's thrown,” said Anthony Trenchev, co-founder of cryptocurrency exchange Nexo. “Tuesday's sharp Bitcoin sell-off was healthy, necessary, and a precursor to further gains. Volatility defines Bitcoin bull markets, and 2024 will be filled with sudden and disturbing 10% to 20% declines.”
