Bitcoin Hits $70,000 Mark for First Time Ever Before Retreating

-- Bitcoin rose to $70,000 for the first time, before quickly retreating as traders appear to be already shifting their attention elsewhere for higher returns in fringe tokens known as memecoins.Summers Says Fed Is ‘Wrong’ on Neutral, Warns on Rate-Cut Bets

“As Bitcoin consolidates at current levels and ETH relatively outperformed in the short-term, eyes are sure to be focused on altcoins and specific side-narratives that start to spin up,” said Chris Newhouse, a DeFi analyst at Cumberland Labs.After reaching $70,000 on Friday, Bitcoin quickly pared gains to trade around $68,000. Ether was approaching $4,000 for the first time since December 2021.

“As capital continues to be deployed across the private markets, retail has started to notice emerging narratives to take note of when an eventual ‘altcoin season’ emerges off the back of a potential rotation out of ETH and across the broader ecosystem,” Newhouse said.Algonquin Power and Utilities reports Q4 profit as revenue falls from year ago mark

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