Bitcoin Rebounds to $62,000 After Sliding Toward $60,000
Bitcoin recovered to around $62,000 after briefly nearing $60,000 as a late Nasdaq rebound helped risk assets trim losses. Crypto-linked stocks were mixed, with Coinbase and Strategy lower while Galaxy Digital gained.
What happened?
Bitcoin recovered to around $62,000 after briefly nearing $60,000 as a late Nasdaq rebound helped risk assets trim losses. Crypto-linked stocks were mixed, with Coinbase and Strategy lower while Galaxy Digital gained.
Why it matters
Bitcoin recovered to about $62,000 late Tuesday after a weak session had pushed the token close to $60,000, according to CoinDesk’s live market coverage. The move came as the Nasdaq narrowed an earlier drop of more than 3% to close down 1%, helping bitcoin bounce from its session lows.
Bitcoin recovered to about $62,000 late Tuesday after a weak session had pushed the token close to $60,000, according to CoinDesk’s live market coverage. The move came as the Nasdaq narrowed an earlier drop of more than 3% to close down 1%, helping bitcoin bounce from its session lows.
The price action mattered because bitcoin again traded in step with broader risk assets during a volatile day for equities. Earlier in the session, CoinDesk reported that bitcoin was around $61,400, down 3.8% over 24 hours, as U.S. stocks gave up early gains.
Crypto-related stocks also came under pressure. Coinbase fell 4.1% and Strategy declined 8%, while Galaxy Digital stood out with a 7.1% gain as investors reassessed the company’s valuation amid its data center expansion.
Market caution was reinforced by macro concerns. CoinDesk noted that investors were watching the upcoming U.S. Consumer Price Index report, with economists expecting May consumer prices to rise 4.2% from a year earlier, up from April’s 3.8% pace.
The live updates also pointed to broader sources of uncertainty, including geopolitical tensions and recent outflows from digital asset investment products. James Butterfill of CoinShares said recent crypto weakness appeared to be driven more by sentiment than by a deterioration in sector fundamentals, while FalconX’s Josh Barkhordar described institutional investors as taking a more defensive posture.