Bitcoin Nearly Recovers All Losses from Thursday's Plunge
Bitcoin staged a dramatic recovery on Friday, posting its largest single-day gain in nearly three years and nearly erasing all losses from a sharp selloff the previous day. After briefly falling close to $60,000 for the first time since October 2024, Bitcoin surged 13% to $71,469. The violent swing reignited market volatility, a key feature that attracts speculative traders. Other major cryptocurrencies, including Ethereum, Solana, and XRP, also saw significant gains.
Analysts described the rebound as a relief rally following a wave of exhausted selling, noting strong support around the $60,000 level. However, market depth remains over 35% lower than October, and the extreme lack of liquidity means even moderate trading flows can amplify price moves and trigger further liquidations. Over $2.1 billion in bullish crypto bets were liquidated in the past 24 hours.
The Volmex Bitcoin Implied Volatility Index nearly doubled, reflecting expectations of continued turbulence. While some participants see this as a buying opportunity, overall sentiment remains cautious. Investors withdrew $434 million from U.S. spot Bitcoin ETFs on Thursday, and analysts note that headwinds still outweigh tailwinds, suggesting a rapid, sustained recovery is unlikely.
华尔街日报02/06 22:34
