Bitcoin, which had nearly fallen through the $60,000 level, climbed into the $70,000 range in a day.
As of 10:30 a.m. on the 7th, on CoinMarketCap, a global crypto price tracking site, Bitcoin was up 9.02% from 24 hours earlier at $70,064. Ethereum was up 7.92% at $2,046, and Ripple was up 17.06% and is trading at $1.44.
This is the biggest one-day gain in about three years. The previous day, Bitcoin plunged to $60,000 but recovered all of it in a single day. Still, compared with the all-time high ($126,210), the price is more than 40% lower.
Experts said the plunge the previous day and the sharp rebound today reflect the cryptocurrency market’s characteristic volatility. Anthony Scaramucci, founder of SkyBridge Capital, told CNBC that “that’s the nature of Bitcoin,” calling the prior day’s drop a “garden variety” correction.
Scaramucci said, “I have talked about Bitcoin for the past five years, but I have never called it an ‘inflation hedge,’ a ‘dollar alternative,’ or ‘digital gold,'” adding, “Bitcoin is still an early-stage technology asset.”
Joshua Chu, co-chair of the Web3 Association in Hong Kong, criticized excessive leveraged bets, saying, “The reason Bitcoin’s price was pushed down to $60,000 was not because cryptocurrencies are facing the end, but because funds that treated it as a one-way (rising) asset without risk management received the bill.”
Damien Loh, chief investment officer (CIO) at Ericsenz Capital, told Bloomberg that “we confirmed a strong support line at the $60,000 level,” but added, “Investor sentiment remains subdued, so we should not expect a sharp further rise.”
※ This article has been translated by AI. Share your feedback here.
