Bitcoin Breaks $70,000 In Volatile Trading, Setting a New Record

(CTN News) – There was a record jump in bitcoin prices on Friday, as it is the first time bitcoin prices have ever surpassed $70.000.

In the last 24 hours, the digital currency was trading at $69,304.84, which is an increase of about 2%, according to Coin Metrics.

However, at one point, it rose as high as $70,170.00, which is a record that was broken on Tuesday. It reached a record high on Wednesday as well. As of now, it looks like the stock is heading for a 10% gain by the end of the week.

It was around the time the opening of the U.S. stock market that the upward movement began. As spot bitcoin ETFs have become available in the U.S., crypto trading activity has increased within traditional stock trading hours.

The early advance might have been driven in part by investors who were weighing the February jobs report, hoping that a higher unemployment rate and a lower than expected growth rate in employment in December and January would clear the way for the Federal Reserve to begin lowering interest rates in the near future.

The crypto market has experienced a great deal of volatility this week. In less than two years, bitcoin reached a new record on Tuesday. However, it quickly sank as much as 10% after reaching the record, pulling down other cryptocurrencies and crypto stocks along with it.

The next day, Bitcoin quickly recovered most of these losses.

In its latest report, TradingView says historical volatility index is at its highest level in almost a year.

As Antoni Trenchev, one of the co-founders of the cryptocurrency exchange Nexo, pointed out, navigating old highs is notoriously tricky, and the bitcoin dam isn’t known for bursts at the first sign of trouble.

There was no doubt that Tuesday’s sharp Bitcoin sell-off was healthy, necessary, and a prelude to a period of greater gains to come. The Bitcoin bull market is characterized by volatility, and we are likely to see sudden and gut-wrenching 10%-20% drops in value in the year 2024.”

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