Bitcoin hits record high as markets whipsaw

Bitcoin hits record high as markets whipsaw
Bitcoin bulls pushed the digital asset to a record high on Tuesday. Credit: Shutterstock / Shutterstock.AI

Bitcoin briefly hit a new record high above $69,100 on Coinbase, before immediately dropping back down.

The most valuable cryptocurrency on the market eclipsed its previous record high of $69,096, set all the way back in November 2021, on Tuesday. Bitcoin fell back to around $67,000 shortly after setting its new high.

Bitcoin has increased 52% since the beginning of the year as the launch of spot Bitcoin exchange-traded funds in the US improved sentiment in markets.

Bitcoin price in USD on Coinbase.

The next halving is slated for April, where the number of new Bitcoin created each day will be cut in half. Miners’ rewards for creating new blocks will be cut to 3.125 BTC from 6.25 BTC.

Following Bitcoin’s previous record high of $69,096 in November 2021, the digital asset fell as low as $16,000 in December of 2022, following the collapse of crypto exchange FTX.

Bitcoin is up around 300% since then.

This is a developing story and will be updated as more information becomes available.