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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