Bitcoin Briefly Rises To Record High Over $70,000

Bitcoin hit new all-time highs on March 8 after United States unemployment number boosted the case for interest rate cuts.

Data from Cointelegraph Markets Pro and TradingView followed buoyant BTC price action as bulls sent the market into price discovery, reaching $70,184 on Bitstamp. The largest cryptocy gained as the latest U.S. jobless data showed unemployment beating forecasts in February, indicating that inflationary pressures were waning at the hands of restrictive economic policies.

The unemployment rate nationwide came in at 3.9% — 0.2% higher than expected, while January figures for jobs added were revised lower. “The market’s reaction to this so far has been sending stocks higher,” trading resource The Kobeissi Letter wrote in part of a reaction on X. “This is largely due to the jump in the unemployment rate and large downward revisions.” Bitcoin and altcoins followed equities in a risk-asset revival, with $70,000 hitting for the first time ever.

Commenting on the unfolding events, popular market participants stressed the significance of the timing of the new highs, uniquely coming before a block subsidy halving. As a result, BTC/USD could put in a macro cycle top sooner than previously thought.