Bitcoin hits new record, surpasses $70,000 mark

The cryptocurrency hit a peak of $70,170.00, surpassing its previous record set just days ago

On March 8, the price of Bitcoin soared to unprecedented heights, breaking through the $70,000 barrier for the first time in history. Currently, the cryptocurrency stands at around $69,954.30.

At its peak, it reached $70,170.00, surpassing its previous record set just days ago. On March 5, Bitcoin surged to a then all-time high, surpassing $69,000, driven by the approval of spot BTC exchange-traded funds (ETFs) by the US Securities and Exchange Commission earlier this year.

The increased interest from institutional investors, including pension funds and insurance companies, suggested that the cryptocurrency's value is likely to continue rising.

This new surge coincided with the opening of the US stock market. The recent introduction of spot bitcoin ETFs has shifted significant crypto movements to occur during traditional stock trading hours.

However, last week was marked by considerable volatility in crypto trading. Following Tuesday's record-breaking high, bitcoin experienced a rapid downturn of up to 10%, dragging other cryptocurrencies and related stocks down with it.

Despite this, it managed to recover much of its losses the following day. Notably, the Bitcoin historical volatility index has reached its highest level in almost a year.

According to Antoni Trenchev, co-founder of crypto exchange Nexo, navigating past highs is notoriously challenging, and it's common for Bitcoin to experience sudden drops of 10% to 20% during bull markets. He believes that Tuesday's sharp sell-off was necessary and anticipates further gains in the future.

Meanwhile, industry experts speculate that Bitcoin's recent surge could be just the beginning of a larger trend. Venture capitalist Chamath Palihapitiya, who has been involved with Bitcoin since 2010, suggested during an episode of the All In podcast that the influx of investments into ETFs could be a significant development, potentially opening doors for broader adoption among retail investors.

The growing popularity of spot bitcoin ETFs has led to speculation about the possibility of similar products for other major cryptocurrencies like Ethereum and XRP in the near future.

As bitcoin continues to assert its dominance in the market, reaching a market capitalization exceeding $1.4 trillion, seasoned investors remain cautious, mindful of previous volatile periods in the cryptocurrency's history.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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