Bitcoin bounces from lows to $70,000, signals stabilisation after macro-driven crash

In the past 24 hours, Bitcoin jumped 9.31% whereas Ethereum went up by 9.23% to trade at $2,083. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano rose 14% whereas Hyperliquid slid 6.77%.

Also Read | Thinking of pausing your mutual fund SIPs? A 6 month gap may cost you Rs 2 lakh additional lossRiya Sehgal, Research Analyst, Delta Exchange, said Bitcoin’s rebound from the $60,000 lows to above $70,000 and Ethereum’s recovery beyond $2,000 mark a potential turning point following the steepest two-week decline since mid-2022.Sehgal further added that this correction was largely macro-driven, triggered by risk-off sentiment, and leverage washouts, rather than any structural weakness within crypto. “Overall, the market appears to be shifting from panic to cautious optimism, signaling that the worst of the drawdown may be behind us, though volatility will likely remain elevated in the near term.”

Live Events

The global crypto market capitalisation jumped 8.6% to $2.42 trillion, according to CoinMarketCap.
In the past week, Ethereum and Bitcoin were down by 22.62% and 15.68% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano were down over 26% whereas Hyperliquid was up by 3.11%.Nischal Shetty, Founder, WazirX said over the last 24 hours, crypto markets have seen short-term volatility, driven largely by technical factors and cautious sentiment rather than any fundamental shift in the ecosystem.

Also Read | Radhika Gupta urges investors to ignore ‘cats’ and think like a goldfish amid market chaos

“Importantly, continued investments by financial institutions into crypto infrastructure reinforce the long-term conviction that this space is becoming an integral part of the global financial system, beyond short-term price movements,” Shetty said.