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Bitcoin jumps 7%, retakes $70,000 to start the week
Bitcoin spiked to start the final week of March, reclaiming the $70,000 level.
Alex Thorn, head of firmwide research at Galaxy Digital, said such declines are "well within the norm of historical bull market short-term corrections." The reason for Monday's big run was unclear, but the cryptocurrency's price action in March has been characterized by new highs followed by healthy pullbacks. "The record GBTC outflows over the last two weeks, likely caused by Genesis and Gemini bankruptcy liquidations, contributed to weakness in spot prices, but several technical indicators pointed to seller exhaustion," Thorn said.
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