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Bitcoin price rose 2% to $69,304.84, according to Coin Metrics. At its peak, it reached $70,170.00, surpassing the record set a few days earlier. The cryptocurrency is expected to close the week with a stunning 10% gain.
The rivalry began around the opening of the US exchange, showing the relationship between changes in the cryptocurrency exchange and normal trading hours, especially the number of exchange-traded funds (ETFs) in the recently launched crypto US space Bitcoin.
Investor sentiment will remain under pressure due to the February employment report, with some expecting a rise in unemployment and weak growth last month. The Fed will begin cutting interest rates towards the end of this year.
But the cryptocurrency market faced major difficulties this week. After reaching previous all-time highs, Bitcoin experienced a correction and fell as much as 10% before halving the next day. This volatility is also reflected in the Bitcoin Historical Volatility Index, which reached its highest level in almost a year.
Explaining the dynamic market, Antoni Trenchev, co-founder of the Nexo cryptocurrency exchange, said “Getting to old highs is notoriously tricky and the Bitcoin pool does not tend to violate the first question. Tuesday’s sell-off in Bitcoin was healthy, reasonable and above expectations. Volatility means the Bitcoin bull will run and 2024 will be full of sudden and painful 10%-20% declines.”
The increase in Bitcoin price reflects the increasing interest and investment in the cryptocurrency field, which investors are closely interested in. As Bitcoin continues to break new records, its impact on global financial markets and investment strategies remains the focus of market participants and observers.