Bitcoin reaches new all-time high before quickly tumbling back down

The price of the world's most valuable cryptocurrency has reached a new all-time high, pushing slightly above $70,000 before quickly tumbling down.

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After years of waiting, the price of Bitcoin hit a new all-time high, pushing just above $70,000 before it quickly recorrected by 5%.

Bitcoin reaches new all-time high before quickly tumbling back down 456465

It was November 2021 when Bitcoin hit its previous all-time high, capping out at $69,000 before the world's most valuable cryptocurrency entered into a bear market of price recorrection. That bear market has seemingly come to its end as the price of BTC has been on the rise since November 2022, steadily increasing all throughout 2023 and now reaching its new all-time high of $70,184.

CNBC reports the upswing in price began when the US stock market opened, which can be traced back to the introduction of spot bitcoin exchange-traded funds in the US. On Tuesday, BTC pushed to its previous highs, and once it got there, the cryptocurrency quickly tumbled back down by as much as 10%, which resulted in many other cryptocurrency coins coming down with it. However, those losses were then regained the next day, eventually leading to the new all-time high.

"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. Volatility defines bitcoin bull markets and 2024 will be littered with sudden and gut-wrenching 10%-20% plunges."

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NEWS SOURCE:cnbc.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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