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Bitcoin begins recovery after falling off from record $70K high

Bitcoin (BTC-USD) retraces its steps after stumbling lower upon reaching a new all-time high above $70,000 Friday morning. Yahoo Finance Live monitors bitcoin's intraday recovery, noting the amount of losses tied to crypto scams in 2023 when taking into account the cryptocurrency's volatility.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

JOSH LIPTON: We've got to talk Bitcoin here. The rally raging on for the biggest digital currency, rising to $70,000 for the first time. Yes. You did see some retreat there after hitting that really historic milestone. But what a move? Just back up the chart. It has soared more than 60% this year. Of course, we know there's been surging demand for those new spot Bitcoin ETFs approved in January that has been a big primary catalyst for the move we've seen.

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Some other possible catalysts on the way you know Julie, we've been talking to two Bitcoin Bulls this week they'll point to of course, the so-called Bitcoin halving. That's coming up in April, been some speculation as well could spot Ethereum ETF be on the way.

JULIE HYMAN: One other interesting report that caught my eye today that has to do with crypto, some new numbers from the FBI on the number of crypto scams that hit in the US last year losses from those scams related to crypto totaled almost $4 billion. $3.94 billion last year, which was an increase of 53% from 2022. Now apropos of nothing, I guess. But it's just interesting that crypto, which has this reputation as being susceptible to this kind of things. And there are some hard numbers too.

JOSH LIPTON: Maybe, perhaps, dovetailing what Piper's Rob Owens told us this week when he talked about how the health of cybersecurity software demand and health for that he was saying, maybe the healthiest he's seen in two decades.

JULIE HYMAN: Yeah. Interesting stuff.