Bitcoin temporarily rose to a record high on Friday in tumultuous trading, as crypto craze spread throughout the finance community.
The dominant cryptocurrency surpassed $70,000 for the first time, buoyed by investor demand for new U.S. spot exchange-traded crypto products and predictions that global interest rates will decrease.
It peaked at $70,105 before falling sharply and closing at $68,317.72.
Billions of dollars have flowed into ETFs in recent weeks, and the market is receiving additional support from an outlook that includes an upgrade to the Ethereum blockchain platform, which is home to the second-largest cryptocurrency, ether, and a bitcoin “halving” event in April, which slows the flow of bitcoin minting.
