The price of Bitcoin surpassed $70,000 in volatile trading, setting a new record to conclude the week.

On Friday, the price of jumped to a new record, surpassing $70,000 for the first time.

Coin Metrics reported that the cryptocurrency had lost more than 1% from its peak of $70,170.00, which was set on Tuesday, and was last trading at $66,943.70.

The introduction of spot bitcoin exchange traded funds in the U.S. has led to big crypto moves taking place during traditional stock trading hours.

The early advance may have been influenced by investors considering the February jobs report, with the hope that a higher unemployment rate and lower-than-expected employment growth in December and January would pave the way for the Federal Reserve to reduce interest rates later this year.

This week, crypto trading has been particularly volatile, with bitcoin reaching a new record on Tuesday and then quickly falling by 10%, dragging down other cryptocurrencies and crypto stocks. Despite recovering some of those losses the next day, the bitcoin volatility index is currently at its highest level in almost a year, according to Tradingview.

"Antoni Trenchev, cofounder of crypto exchange Nexo, stated that navigating old highs is challenging and the bitcoin dam rarely bursts at the first attempt. He added that Tuesday's sharp bitcoin sell-off was healthy, necessary, and a prelude to further gains. Trenchev emphasized that volatility is a defining characteristic of bitcoin bull markets, and 2024 will likely see sudden and gut-wrenching 10%-20% plunges."