Bitcoin set a new all-time high for the second time this week.

Bitcoin traded above US$70,000 for the first time on Friday before sharply falling, according to CoinMarketCap data.

CoinMarketCap, a cryptocurrency data aggregator that gathers its price data from 723 exchanges, now states that Bitcoin’s all-time price record is US$70,083.

Rival data aggregator CoinGecko, which tracks the price of assets in 980 exchanges, also reported a new trading record for the world’s largest cryptocurrency at US$69,255.

The cryptocurrency has since fallen to around US$67,000, according to both data providers.

Earlier this week, Bitcoin set a new record by briefly surging above US$69,000.

However, similar to Friday’s performance, the cryptocurrency abruptly took a sharp U-turn, shedding nearly 7% of its value.

The recent price movements in Bitcoin are underpinned by a combination of factors, including technological advancements, regulatory shifts, and macroeconomic conditions.

Institutional interest in cryptocurrencies has been solidified by the success of spot Bitcoin ETFs in the U.S.

The market is also responding to the Federal Reserve’s stance on interest rates, with Chairman Jerome Powell indicating that the central bank is close to having enough confidence in inflation returning to its 2% target to begin reducing rates.

Bitcoin’s next halving is expected to occur in April, which would reduce the supply inflow of the cryptocurrency by 50%.