The price is Bitcoin It jumped to a new record on Friday, surpassing $70,000 for the first time.
The cryptocurrency was last up about 2% at $69,304.84, according to Coin Metrics. However, it briefly rose to $70,170.00, surpassing the previous record set on Tuesday. The stock is expected to end the week up 10%.
The upward move began around the time U.S. stocks opened. With the launch of spot Bitcoin exchange-traded funds in the United States, big moves in the cryptocurrency now tend to occur during traditional stock trading hours.
Bitcoin hits $70,000
Part of the early gains may be because investors are weighing the February jobs report on hopes that higher unemployment rates in December and January and lower job growth than initially reported will clear the way for the Federal Reserve to begin cutting interest rates later. This year.
However, cryptocurrency trading has been particularly volatile this week. Bitcoin hit a new high for the first time in more than two years on Tuesday before quickly plunging 10%, with other cryptocurrencies and crypto stocks also falling, only to recoup most of those losses the next day.this Bitcoin Historical Volatility Index The index is at its highest level in nearly a year, according to TradingView.
Antoni Trenchev, co-founder of cryptocurrency exchange Nexo, said: “Breaking out of old highs is notoriously tricky, and the Bitcoin dam tends not to break on the first call.” Weekly The sharp sell-off in Bitcoin is healthy, necessary, and a prelude to further gains. Volatility defines the Bitcoin bull run, and 2024 will be filled with sudden and painful 10%-20% plunges.”
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