BTC USD price: Bitcoin reclaims $70,000 level after brutal crash since FTX collapse in 2022 - here' what's happening in the crypto market today

BTC USD Bitcoin price today: After a nerve-wracking day on Thursday, Bitcoin price (BTC-USD) staged a dramatic rebound on Friday, climbing back to $70,000 from lows near $61,000.

BTC USD Price Rebounds After Bitcoin Suffers Steepest One-Day Drop Since FTX Collapse

Thursday had seen the cryptocurrency plunge 13% in a single session, marking its sharpest one-day drop since the FTX collapse in November 2022. The fall briefly pushed Bitcoin’s decline to over 50% from its October peak of $126,000, rattling even seasoned crypto investors.

What Triggered the Bitcoin Price USD Crash

The drop was driven by a mix of market fear, weak tech earnings, and broad selling pressure in equities, gold, silver, and other assets. Forced liquidations also hit hard, with over $1 billion in positions closed automatically as Bitcoin broke key support levels, as per a Bitcoin Magazine report.


Also read: MSTR stock rallies 23% today despite Strategy's $12.4 billion net loss as Bitcoin (BTC USD) rebounds to $70,000 – analysts' stock price target revealed

BTC USD Price Surge Sparks Relief Rally Across Crypto Market

Despite the chaos, sentiment improved quickly on Friday. Bitcoin price surged from $60,000 to reclaim the $70,000 mark, reflecting a nearly 15% bounce in a single session. Ether (ETH) also stabilized near $2,000 after dropping almost 15% over the prior five sessions.

Crypto Stocks Jump as Bitcoin Price Recovers

This recovery injected optimism into crypto-linked stocks. Strategy (MSTR) shares jumped 21%, while Coinbase (COIN), Circle (CRCL), and Robinhood (HOOD) all climbed 10-15%.

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Bitcoin Mining Stocks Lead Market Recovery

Mining companies saw even sharper gains, led by MARA Holdings up 21%, TeraWulf up nearly 20%, Riot Platforms up 16.5%, Cipher Mining up 15.5%, Bitmine Immersion Technologies up 15.4%, Core Scientific up 10.4%, and Neptune Digital Assets up 11.4%.

Bitcoin ETF Trading Volume Hits Record High

Even Bitcoin ETFs saw intense activity. The iShares Bitcoin Trust (IBIT), a BlackRock-managed spot Bitcoin ETF, recorded a daily trading volume of around $10 billion, its highest ever, despite a 13% drop in price, highlighting how investors scrambled to adjust positions without holding the cryptocurrency directly.

Analyst Warns Fear Still Lingers Despite Bitcoin Bounce

Sean Farrell, head of digital assets at Fundstrat, said that, "From a sentiment perspective, comparisons across cycles are always imperfect, but anecdotally there is an outsized sense of fear and fatigue among crypto-native participants," and added that he was increasing net long exposure to 80% in his portfolio, but "leaving some wiggle room for another visit into the [$50,000s]," as quoted by Yahoo Finance.

FAQs

How did Ethereum perform during the rebound?

Ether stabilized near $2,000 after falling nearly 15% over the prior five sessions.

Which stocks benefited most from Bitcoin’s recovery?

Strategy, Coinbase, Robinhood, and several Bitcoin mining stocks saw double-digit gains.