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

KEY POINTS
The price of bitcoin jumped to a new record on Friday.

With the introduction of spot bitcoin exchange-traded funds in the U.S., big crypto moves now tend to take place during traditional stock trading hours.

The price of bitcoin jumped to a new record on Friday, breaking through $70,000 for the first time ever.

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 up move began around the time the U.S. stock market opened. With the introduction of spot bitcoin exchange-traded funds in the U.S., big crypto moves now tend to take place during traditional stock trading hours.

The early advance may have been driven in part by investors who were weighing the February jobs report, hopeful that a higher unemployment rate and cooler than initially reported employment growth in December and January will clear the way for the Federal Reserve to begin cutting interest rates later this year.

However, crypto trading has been especially volatile this week. After bitcoin reached a new record on Tuesday for the first time in more than two years, it quickly tumbled as much as 10%, pulling down other cryptocurrencies and crypto stocks along with it, then recovering much of those losses the next day. The bitcoin historical volatility index is at its highest level in almost a year, according to TradingView.

“Navigating old highs is notoriously tricky and the bitcoin dam doesn’t tend to burst at the first time of asking,” said Antoni Trenchev, co-founder of crypto exchange Nexo. “Tuesday’s sharp bitcoin sell-off was healthy, necessary and a prelude to further gains. Volatility defines bitcoin bull markets and 2024 will be littered with sudden and gut-wrenching 10%-20% plunges.”

Bitcoin has reached a new record price of almost $73,000 (£57,000), as the UK financial regulator said it would allow the trading of cryptocurrency-backed securities.

The cryptocurrency hit a fresh high of $72,720 as of Monday evening having last week overtaken its previous November 2021 high of nearly $69,000.

The latest price move came as the UK financial regulator said on Monday it would “not object” to investment exchanges creating a UK-listed market segment for cryptoasset-backed exchange traded notes [cETNs], a financial product that can be traded like a stock.

However, the Financial Conduct Authority said it would not permit the sale of the cETNs to retail investors, or members of the public.

“The FCA continues to remind people that cryptoassets are high risk and largely unregulated. Those who invest should be prepared to lose all their money,” it said in a statement.

Bitcoin has been helped this year by the US financial regulator approving exchange-traded funds [ETFs] – a basket of assets that can be bought and sold like shares on an exchange – that track the price of the cryptocurrency.

The chair of the Securities and Exchange Commission, Gary Gensler, also expressed scepticism about bitcoin despite the approval, referring to it in January as a “speculative, volatile asset” used for illicit activities including ransomware and terrorist financing.

An upcoming “halving” of bitcoin, in which the amount of new bitcoin being generated is reduced, is also expected to support the currency by causing a reduction in supply – and therefore bolstering the price.

Neil Wilson, the chief analyst at the brokerage Finalto, said the FCA move was a “positive” sign for the cryptocurrency market. He added that “parabolic” market moves – referring to sharp price increases – tended to end in a big pullback but “we cannot be sure with bitcoin any more”.

“There is a question of the amount of spare cash sitting around that can be allocated to it,” he added.

budaatum:
And no doubt, heavy losses too.

press9jatv:
heavy losses to who?

budaatum:


Let's wait and see shall we.

budaatum:
And no doubt, heavy losses too.

malali:
Sell before it Halves.
And wait to buy again.

Thank me later.

press9jatv:
heavy losses to who?

press9jatv:

Bitcoin has reached a new record price of almost $73,000 (£57,000), as the UK financial regulator said it would allow the trading of cryptocurrency-backed securities.

The cryptocurrency hit a fresh high of $72,720 as of Monday evening having last week overtaken its previous November 2021 high of nearly $69,000.

The latest price move came as the UK financial regulator said on Monday it would “not object” to investment exchanges creating a UK-listed market segment for cryptoasset-backed exchange traded notes [cETNs], a financial product that can be traded like a stock.

However, the Financial Conduct Authority said it would not permit the sale of the cETNs to retail investors, or members of the public.

“The FCA continues to remind people that cryptoassets are high risk and largely unregulated. Those who invest should be prepared to lose all their money,” it said in a statement.

Bitcoin has been helped this year by the US financial regulator approving exchange-traded funds [ETFs] – a basket of assets that can be bought and sold like shares on an exchange – that track the price of the cryptocurrency.

The chair of the Securities and Exchange Commission, Gary Gensler, also expressed scepticism about bitcoin despite the approval, referring to it in January as a “speculative, volatile asset” used for illicit activities including ransomware and terrorist financing.

An upcoming “halving” of bitcoin, in which the amount of new bitcoin being generated is reduced, is also expected to support the currency by causing a reduction in supply – and therefore bolstering the price.

Neil Wilson, the chief analyst at the brokerage Finalto, said the FCA move was a “positive” sign for the cryptocurrency market. He added that “parabolic” market moves – referring to sharp price increases – tended to end in a big pullback but “we cannot be sure with bitcoin any more”.

“There is a question of the amount of spare cash sitting around that can be allocated to it,” he added.


https://www.cnbc.com/2024/03/08/bitcoin-breaks-70000-in-volatile-trading-hitting-a-new-record-.html

Donchieli:
People don hammer


Quick sell b4 e shock u again


Make u see sumtin take buy benz

iHart:
It is hitting the ponzi level, where people will put in money, do nothing and make more money. The next level will be catastrophic!!!

Blitzking:
Sell before it halves..the best time to buy was sep/Nov last year. Most good alts are already up too..remember seeing solana at 8 dollars. That was the time to buy.

iHart:
It is hitting the ponzi level, where people will put in money, do nothing and make more money. The next level will be catastrophic!!!

superlanny:
In Nigeria a good number of uninformed ignoramauses will say crypto is a scam, and will hail the govt for banning Binance, in sane climes with sensible people they are making loads of cool money trading and dealing in cryptocurrency.

This country and its people are too backward and archaic in their thinking.

Konquest:

70,000 USD record high. That's a huge leap.

Conversely, invest ONLY what you can afford to lose. Period.