In a volatile trading session, Bitcoin experienced a momentous surge to a record high, surpassing the $70,000 mark, further enthralling investors amidst the ongoing cryptocurrency frenzy.

The surge was propelled by heightened demand for new U.S. spot exchange-traded crypto products and anticipations of a global interest rate decline. Peaking at an impressive $70,105 before a rapid descent, the cryptocurrency currently trades at $68,317.72, reflecting the inherent volatility of the digital asset market.

Recent weeks have witnessed significant inflows into Exchange-Traded Funds (ETFs), buoyed by support from an Ethereum blockchain upgrade and the looming bitcoin “halving” event slated for April. However, skeptics remain cautious, pointing to the speculative nature of these assets, underscored by Bitcoin’s recent 10% dip below the $60,000 threshold.