Bitcoin rises 6% early this week, approaching $70,000 | Wilnesh News

Bitcoin Starting in the last week of March, the price surged back to the $69,000 level.

The price of the flagship cryptocurrency was recently up about 6% to $69,778.60, according to Coin Metrics. ether Up 5% to $3,575.01. Most other cryptocurrencies have also rode the Bitcoin wave.

micro strategyTrading as a proxy for Bitcoin prices surged 17%, while Coin library 9% advanced.The mining industry also gets a boost from Bitcoin marathon numbers and Anti-riot platform rose 2% and 6% respectively. clean spark up 16% and Crypto mining up 12%.

Bitcoin has been in correction mode over the past week after hitting an all-time high of $73,797.68 on March 14. Last Wednesday, Bitcoin fell to a low of about $60,800. Alex Thorn, head of company-wide research at Galaxy Digital, said the decline was “completely consistent with short-term corrections in historical bull markets.”

The reason for Monday’s sharp rise is unclear, but the cryptocurrency’s March price action has been characterized by new highs followed by healthy pullbacks. Thorne advised investors to pause selling shares of Bitcoin exchange-traded funds.

“The record GBTC outflows over the past two weeks may have been caused by the Genesis and Gemini bankruptcy liquidations, resulting in spot price weakness, but some technical indicators suggest sellers have exhausted themselves,” Thorne said.

Sam Callahan, chief analyst at Bitcoin service company Swan Bitcoin, said this may be related to the news sent by the Federal Reserve last week.

“Federal Reserve officials made it clear last week that they are considering cutting interest rates this year and slowing the pace of their quantitative tightening program,” he said. “Such actions would improve liquidity conditions and act as a positive catalyst for asset prices. Bitcoin acts as a barometer of liquidity conditions and responds positively to the Federal Reserve’s news that monetary policy may ease in the near future.”

Despite the pullback, Bitcoin is still on track to end March on a winning note. The stock is up 12% this month and 64% so far in the first quarter.