Advertisement
Categories: BusinessNews

Bitcoin Hits Record High $70,000

Advertisement

Bitcoin reached a record high on Friday, surpassing the $70,000 mark in volatile trading, as enthusiasm for cryptocurrencies continues to sweep through the investment community.

The leading cryptocurrency briefly peaked at $70,105, driven by investor demand for new U.S. spot exchange-traded crypto products and expectations of falling global interest rates.

However, the price quickly retreated, with bitcoin last trading at $68,317.72.

Recent weeks have seen billions of dollars flowing into ETFs, supported by upgrades to the ethereum blockchain platform and anticipation of a bitcoin “halving” event in April, which slows the rate of bitcoin minting.

Despite these positive developments, some remain cautious, noting the speculative nature of these assets. Bitcoin experienced a sharp reversal on Tuesday, dropping more than 10% after hitting a record high and falling back below the $60,000 level.

Antoni Trenchev, co-founder of crypto lending platform Nexo, commented, “Navigating old highs is notoriously tricky, and the bitcoin dam doesn’t tend to burst at the first time of asking. Volatility defines bitcoin bull markets, and 2024 will be littered with sudden and gut-wrenching 10%-20% plunges.”

The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January marked a significant milestone for the industry, following a period of decline and scandals during the crypto winter.

Institutional investors, once hesitant due to the asset’s volatility, are now committing long-term money, potentially sustaining the latest rally.

According to LSEG data, net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with BlackRock’s iShares Bitcoin Trust receiving over $2 billion.

The optimism surrounding bitcoin has also impacted other digital tokens, notably ether, up more than 60% since the start of the year. Ether was last trading at $3,939.84, while crypto stocks, including Coinbase, Riot Platforms, and Marathon Digital, also saw gains on Friday.

Advertisement
Zayn

Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

Recent Posts

Pakistan to Witness Nearly 7 Million Animal Sacrifices on Eid-ul-Adha

Pakistan is expected to witness the sacrifice of more than 6.97 million animals during Eid-ul-Adha…

1 day ago

US Tech Fund commits $10 million to 2 Pakistani IT entrepreneurs

Pakistan's two IT entrepreneurs-- Mehwish Salman Ali and Malik Mudassir—will receive funding of $10 million…

1 day ago

Spotify’s Fresh Finds Celebrates a Decade of Discovering Breakout Talent

Spotify has announced a major milestone for 2025 - 10 years of Fresh Finds, the…

1 day ago

Sindh Govt Bans Qingqi Rickshaws in Karachi, Imposes Heavy Fines Under New Traffic Reforms

Sindh’s Minister for Law and Home Affairs, Ziaul Hassan Lanjar, has approved sweeping changes to…

1 day ago

AKU LEADS with micro-credentials: A flexible programme for academic advancement, upskilling and reskilling

Today, the world is changing rapidly more so than ever before with disruptive technological development…

1 day ago

Aeon & Trisl Secures Emaar’s Top Broker Title for Q1 2025 – 7 Quarters in a Row

Aeon & Trisl Real Estate Group has once again claimed the coveted title of Emaar’s…

1 day ago