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value of Bitcoin It hit a new record on Friday, breaking $70,000 for the first time.
According to Coin Metrix, the cryptocurrency last traded little changed at $67,920.32. However, at one point it rose to $70,170.00, above its previous record set on Tuesday.
The sharp movement started as soon as the American stock market opened. With the introduction of spot Bitcoin exchange traded funds in the US, crypto markets have shown more activity during traditional stock trading hours.
Bitcoin reaches $70,000
The early progress may have been driven in part by investors looking ahead to the February jobs report – expected to show higher unemployment rates and lower-than-initially reported employment growth in December and January, the Federal Reserve said. This will pave the way for the government to start cutting interest rates later. this year.
However, crypto trading has been particularly volatile this week. After Bitcoin hit a new record on Tuesday for the first time in more than two years, it fell sharply by 10%, dragging down other cryptocurrencies and crypto stocks with it. According to Tradingview, the Bitcoin Volatility Index is at its highest level in almost a year.
“It is extremely difficult to navigate past highs and the Bitcoin dam does not tend to break the first time asked,” said Antony Trenchev, co-founder of crypto exchange Nexo. “Tuesday’s intense Bitcoin selloff was healthy, necessary, and a prelude to further gains. Volatility defines the Bitcoin bull market and 2024 will be filled with sudden and heartbreaking 10%-20% declines.”
