Bitcoin Hits Record Levels Above $41K; Massive Corrections Ahead?

Bitcoin Hits Record Levels Above $41K; Massive Corrections Ahead?

Bitcoin looked to end its first official week on a strong note as its price claimed another record high this Friday.

The benchmark cryptocurrency soared above $41,000 for the first time since its inception, hitting an all-time peak of $41,499 before correcting lower. Its gains appeared shortly after the European equities reported profits in early dealings, hinting that traders took their cues from a bullish risk-on sentiment.

Since November, the continent’s benchmark Stoxx 600 opened 0.3 percent higher as it stayed on track to finish its best week. Meanwhile, the MSCI index, which tracks developed market equities, jumped 0.3 percent, also on track to record its best week but since 2018.

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EUR/USD declined 0.30 percent. Around the same time, Bitcoin’s market capitalization reached an unprecedented $749 billion level—almost near Tesla’s valuation.

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