Bitcoin's record high at $69,000 followed by 10% plunge

The price of Bitcoin, the world's largest cryptocurrency, briefly reached a new all-time high of over $69,000.

Bitcoin plunged more than 10% from its new all-time high on Tuesday as heavy selling on crypto exchanges capped the price surge beyond $69,000, sending the price below $60,000 at one point.

The recent surge in price has been attributed to significant investments from US finance giants into Bitcoin. This surpassed the previous record set in November 2021, although Bitcoin's value had dropped to $16,500 by 2022.

According to cryptocurrency market data platform CoinMarketCap, Bitcoin's value has surged by more than 50% over the past month.

- All eyes on Powell -

Traders will be paying close to attention to testimony by Federal Reserve chair Jerome Powell in Congress, looking for signs of when the US central bank might start cutting rates.

Most analysts expect highly-anticipated Fed rate cuts to start later this year, as officials have voiced caution about trimming too soon while they await further inflation data.