Bitcoin ( BTC-USD ) fell marginally by 0.81% on a weekly basis, but fell below the $70K mark, as another hot inflation report boosted speculation that the Federal Reserve will not be in a hurry to cut interest rates. Thursday saw a particularly volatile session for Bitcoin ( BTC-USD ), as prices hit a new high of $73.8K early on, but later declined, falling below the $70K mark. "The price correction indicates the market is adjusting its expectations on Bitcoin given the uncertainties presented by the halving event as well," said Adrian Wang, founder and CEO of digital asset-based wealth management company, Metalpha. SA analyst, Logan Kane, believes BTC has a lot of momentum ahead of its expected April halving event, adding that with money continuing to flow in, $100K is increasingly in sight in the short run. "In the long run, I expect Bitcoin to continue to go up, but wonder if the rally has extended too far and whether this is capping the upside of new investments in BTC," Kane added. Another analyst, Alan Suchanek, took a more pessimistic view , "Many BTC investors might not fully understand that its energy consumption scales linearly with its price. Such a characteristic is undesirable for a digital currency and counterintuitive for an asset meant to serve as a store of value." Suchanek believes, eventually, it is likely that either investors or regulators will acknowledge this fundamental flaw in Bitcoin ( BTC-USD ), potentially triggering a rapid devaluation. Notable News El Salvador, the world's first country to establish Bitcoin ( BTC-USD ) as legal tender, is transferring a "big chunk" of its BTC holdings to a cold wallet, its president Nayib Bukele said. Grayscale Investments has filed with the Securities and Exchange Commission to launch a mini-version of its Grayscale Bitcoin Trust ETF ( GBTC ), essentially a spinoff of the larger ETF with lower fees. Cathie Wood and Ark Invest cashed in on some of its Coinbase Global ( COIN ) profits this week, as the ETF issuer has now sold just over 375K shares of COIN across three of the firm's six actively managed exchange traded funds. Bitcoin ( BTC-USD ) is going to "eat" gold ( XAUUSD:CUR ), Michael Saylor, co-founder and former CEO of MicroStrategy ( MSTR ), said on Monday. Bitcoin, Ether prices Bitcoin ( BTC-USD ) was down 2.14% at 4:16 pm ET on Friday, and Ether ( ETH-USD ) was down ~4% to $3.6K. More on Bitcoin USD Digital Currency And Gold As Speculative Warnings Bitcoin Rockets To All-Time High Ahead Of Halving Event: Will It Hit $100,000? Why Bitcoin Is Fundamentally Flawed Spot Bitcoin ETFs together overtake SPDR Gold Shares ETF in terms of assets under management Fairlead Strategies founder sees a couple of weeks of consolidation for Bitcoin
