Bitcoin rebounded on Friday after briefly testing the key $60,000 level, as signs emerged that the global sell-off in technology stocks — which had weighed on investor appetite for risk across asset classes — was beginning to ease.
The world’s largest cryptocurrency climbed 3.3 percent to $65,198, recovering after dropping as much as 5 percent earlier in the session to $60,008.
Despite the bounce, Bitcoin remains near its weakest level since October 2024, shortly before Donald Trump’s US election victory, when he signaled support for cryptocurrencies during his campaign, Al-Rai reports.
Ether also advanced, rising nearly 4 percent to $1,919, after earlier sliding close to a ten-month low of $1,751.
According to CoinGecko data, the overall cryptocurrency market has shed nearly $2 trillion in value since peaking at $4.38 trillion in early October, with more than $1 trillion erased in the past month alone.
Bitcoin is still on track for a 15 percent weekly loss, bringing its decline since the start of the year to 26 percent, while Ether is heading for a 16 percent weekly drop, extending its year-to-date losses to nearly 36 percent.
Market sentiment has been pressured by the recent sell-off in equities and precious metals. Gold and silver experienced sharp volatility amid leveraged and speculative trading, although some of the turbulence eased on Friday as selling pressure moderated.
