Bitcoin’s price rebounded back above $59,000 on Thursday, marking an 8% climb on the day in spite of broader macroeconomic fears.
According to CoinGlass, over $189 million in trades have been liquidated across the crypto market in the past 24 hours, including $109 million in shorts.
Bitcoin’s climb began at roughly 1:50 PM UTC, with Bitcoin surging from $57,000 to $59,815 over the next three hours.
The leading digital asset is now up 8.45% on the day at $59,622, with its weekly losses now reduced to 7.78%.
Similarly, Ethereum has shot up 9.93% on the day to $2,572. Its weekly losses remain steep at 18.8%, with the ETH/BTC ratio still trailing at 0.043 – one of its lowest levels this year.
The Telegram-linked Toncoin posted one of the strongest daily recoveries, pumping 13% on the day. Memecoin PEPE rose 11%, and Solana rose 7.85%.
The broad market recovery mimics that of the stock market, which has also completely erased its losses since macroeconomic fears spooked the economy over the weekend.
The NASDAQ100 is now down just 0.43% over the past five trading days, compared to 6% when markets opened on Monday.
Since last week, the Bank of Japan has promised not to continue hiking interest rates so long as market volatility persists. Many crypto investors interpreted the central bank’s statement as a sign that the bottom was in.
“Just so I’m clear. BTFD! Cause the BOJ caved,” said BitMEX co-founder Arthur Hayes on Wednesday.
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