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Mar 12, 2024 189

Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week

#Fintech

"The cryptocurrency was last higher by about 2% at $69,304.84, according to Coin Metrics. At one point, however, it rose as high as $70,170.00, topping its previous record set on Tuesday. It’s on pace to end the week higher by 10%."

The price of bitcoin surged to an all-time high on Friday, smashing through the $70,000 mark for the first time in history. Coin Metrics reported that the cryptocurrency reached $69,304.84, a 2% increase, with a peak of $70,170.00, surpassing its previous record set just days earlier. The week is set to close with bitcoin up by 10%, reflecting the remarkable growth and investor confidence in the digital currency.

This upward movement coincided with the opening of the U.S. stock market, highlighting the increasing influence of traditional trading hours on cryptocurrency movements. The introduction of spot bitcoin exchange-traded funds in the U.S. has further integrated crypto trading into mainstream markets, leading to significant price shifts during regular stock market sessions.

Despite the optimism surrounding bitcoin's record-breaking rally, the cryptocurrency market has experienced notable volatility throughout the week. Following its initial surge on Tuesday, bitcoin faced a sudden 10% decline, triggering a ripple effect across other cryptocurrencies and related stocks. However, experts like Antoni Trenchev, co-founder of crypto exchange Nexo, remain bullish, emphasizing that such fluctuations are characteristic of bitcoin bull markets, predicting further gains amidst occasional sharp downturns.