Last week, the leading cryptocurrency suffered increased volatility when it jumped from $39,000 to roughly $42,000 in a matter of minutes. However, the situation rapidly reversed, and the asset quickly retraced to its previous level.
A day later, it reclaimed $40,000, but the US Federal Reserve announced plans to boost interest rates by 25 basis points. As a result, bitcoin fell once more, this time by roughly $1,000.
This price correction, however, was short-lived, and the cryptocurrency quickly resumed its onslaught. For the next two days, it hovered at and above $40,000.
Bitcoin, on the other hand, started a new leg up just hours ago, briefly reaching $42,000 for the first time since March 10. The asset is currently trading just below that level, with a market capitalization of around $800 billion.
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