Bitcoin is up about 8.8% week-on-week and is hovering near the $70,000 mark (Cryptocurrency: BTC-USD).

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Bitcoin (BTC-USD) is set at Increase of 8.8% on a weekly basis as it regained some lost ground and returned to the $70,000 mark over the course of the week.

The world's oldest digital currency started the week on an upward trend, reaching $69.9k It has remained roughly stable since then, after a volatile last week that saw market participants grow more cautious ahead of next month's highly anticipated halving.

On Thursday, BTC hovered near its record high as former cryptocurrency mogul Sam Bankman-Fried was convicted of orchestrating the large-scale fraud and conspiracy that led to the downfall of his FTX crypto empire.

“The recent Bitcoin price adjustment is almost complete. The profit-taking was temporary in nature and investors are still buying the dip and are long-term bullish on Bitcoin, especially ahead of the April halving,” said Lucy Hu, senior analyst at Metalpha, a digital asset-based asset management firm.

Hu added that the halving could boost the price of Bitcoin (BTC-USD) and push it to a new high.

BTC also had a strong first quarter as it gained about 60% in the quarter, largely driven by spot exchange-traded funds (ETFs), the upcoming halving and slightly more risk-on sentiment in the financial market, Canaccord explained in a note.

“While the macroeconomic outlook and timing of possible rate cuts remain uncertain, the upcoming halving event could increase ETF tailwinds for Bitcoin. Across the rest of the ecosystem, activity levels continue to recover from 2023 lows,” Canaccord added.

“Bitcoin often acts as a barometer of liquidity conditions and responded positively to the Fed’s signal that monetary policy is likely to be eased in the near future,” said Cory Klippsten, CEO of Swan Bitcoin.

Remarkable news

• The London Stock Exchange (OTCPK:LDNXF) (OTCPK:LNSTY) will begin listing exchange-traded cryptocurrency bonds on May 28, subject to approval from the UK's Financial Conduct Authority.
• Coinbase Global (COIN) shares fell 2.6% in Wednesday morning trading as a U.S. judge ruled that the Securities and Exchange Commission's lawsuit against the cryptocurrency exchange can move forward.
• MicroStrategy (MSTR) Executive Chairman Michael Saylor disclosed a sale of 5,000 shares of the company's stock valued at approximately $8.8 million in an SEC filing.
• Binance announced that it will end support for USCoin (USDC-USD) deposits and withdrawals on the Tron (TRC20) network on April 5, 2024, after Circle Internet discontinued USDC support on the network.
• Marathon Digital (MARA) introduced its two-phase immersion cooling system that “has the potential to not only help Marathon's own Bitcoin mining operations, but also transform data centers across multiple industries,” Chairman and CEO Fred Thiel said in a statement.

Bitcoin and Ether prices

Bitcoin (BTC-USD) was Decline of 1.9% daily at 1:32 a.m. to $69.4K p.m. on Friday and Ether (ETH-USD) fell ~1.7% to $3.5k.

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