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Bitcoin Touches All-Time High, Then Retreats Back

Bitcoin touched an all-time intraday high Tuesday morning.

Tweet on Bitcoin price fluctuation

Coinmarketcap chart

The largest cryptocurrency by market value earlier topped $69,000, then retreated. It recently stood above $65,000, down nearly 4% from its 4 p.m. ET Monday level.

Bitcoin’s previous high, reached in November 2021, was $68,990.90, according to Dow Jones Market Data.

Ether, the second-biggest crypto currency, was recently up nearly 3%.

Bitcoin nearly crossed the record level late Monday, trading $172.63 shy of it, before edging back down.

Shares of crypto exchange Coinbase Global and MicroStrategy fell in Tuesday morning trading. The total market capitalization of cryptocurrency was recently around $2.47 trillion, according to Coinmarketcap.com. Broader stock markets retreated.

Bitcoin’s recent climb has been aided by the early success of exchange-traded funds that hold the cryptocurrency. New momentum has propelled Bitcoin higher. The ETFs began trading in January, while the rally gained steam last week.

Bitcoin is a volatile asset that sometimes sees sizable swings in either direction in a given day.


Source: Coinmarketcap
Image: BTC