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