Bitcoin hits ATH of $69,170, then dips to a 6-day low of $59K.
BlackRock’s Bitcoin ETF sets a $3.7B volume record amid volatility.
Bitcoin, the leading cryptocurrency by market cap, surged to a new all-time high of $69,170, marking its first record peak in over two years. The jubilation was short-lived, as BTC experienced a sharp decline, dropping to a 6-day low of $59,323. This volatility led to a 7% decrease in the overall market capitalization, underscoring the unpredictable nature.
Bitcoin’s rollercoaster ride reflects the complex interplay of factors driving its value. Notably, inflows into US-spot Bitcoin exchange-traded funds (ETFs), speculation in derivatives markets, and a potential decrease in the supply growth of the token have all contributed to this year’s significant rally. Yet, this surge has also stretched investor positions thin, sparking fears of a potential market pullback.
Adding to the tumult, a Bitcoin “whale” — a term for investors holdin
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