Bitcoin above $70,000 following heavy liquidations
The world’s largest cryptocurrency traded 1.5% higher at $70,402.5, drifting further from a 16-month low of around $60,187.0 reached earlier in the week
Bitcoin traded above $70,000 on Monday, steadying after a sharp rebound late last week from lows near $60,000, as investors reassessed risk appetite following heavy liquidations.
The world’s largest cryptocurrency traded 1.5% higher at $70,402.5 06:25 GMT, drifting further from a 16-month low of around $60,187.0 reached earlier in the week.
On Friday, the token surged back above $70,000, jumping more than 12% in a single session as technology stocks and precious metals rallied, helping to lift risk assets broadly.
The rebound was driven in part by bargain hunting after the deep pullback, as well as a broader stabilisation in global markets.
Last week’s sharp decline in Bitcoin was tied to a broader risk-off mood in global markets. A selloff in U.S. technology stocks – particularly those linked to artificial intelligence – and forced liquidations in crypto futures markets exacerbated downward pressure.
Investors also saw extended redemptions in Bitcoin spot exchange-traded funds and a retreat from leveraged positions as key drivers of volatility.
Japanese Prime Minister Sanae Takaichi secured a landslide election victory on Sunday, strengthening her mandate to pursue fiscal stimulus and tax cuts. The decisive win boosted equities.
While the yen had initially weakened in anticipation of Japan’s poll outcome, its subsequent stabilisation alongside equity gains helped underpin broader risk sentiment.
Investors are now eyeing a slate of U.S. economic data due later this week, including delayed employment figures on Wednesday and the consumer price index report on Friday.
Most altcoins traded in tight ranges on Monday.
World no.2 crypto Ethereum traded flat at $2,076.41.
World no. 3 crypto XRP added 1.1% to $1.43.
Solana edged slightly lower, while Cardano and Polygon traded flat.
Among meme tokens, Dogecoin dropped 2%.