The price of Bitcoin has rebounded by 7% in the last 24 hours, recovering much of the ground lost in this week’s market crash.
Currently, Bitcoin (BTC) sits at $38,192, up 7.02% on the day, per CoinMarketCap. After plummeting to lows $35,000 earlier this week, Bitcoin reached a 24-hour high of $38,930 before being rejected.
The broader crypto market has staged a recovery, too; the total market cap of all cryptocurrencies now sits at $1.7 trillion, up 7.29% on the day, and up from a low of $1.55 trillion earlier in the week.
Ethereum (ETH) currently stands at $2,583, up 7.7% on the day, while top 10 cryptocurrencies XRP, Cardano and Solana have risen by 6.5%, 6.7% and 5.6% respectively. Terra (LUNA) has staged a stunning recovery, up over 22% on the day to reach a price of $65.58.
Bitcoin’s rollercoaster week
Bitcoin crashed earlier this week following Russia’s invasion of Ukraine, leading a crypto market rout that saw $200 billion wiped off the total market cap of all cryptocurrencies, a drop of over 12% in 24 hours.
The crash was mirrored in the wider financial market, with the US S&P 500 and Nasdaq 100 dropping 1.8% and 2.6% respectively on the news of the invasion.
The crypto market’s recovery similarly seems to have moved in lockstep with global financial markets; the Nasdaq and S&P 500 both rebounded in the last day, with the S&P 500 ending Thursday up around 0.3%, after slipping 2.6% at its low earlier in the day.
The news followed the announcement of sweeping sanctions directed against Russia by the U.S. and EU, precipitating a rebound in equities, and a reversal in prices of safe haven assets such as gold.