Bitcoin Rallies 8% From Overnight Low as Crypto Market Plunge Cools

Bitcoin rebounded 8% from its overnight low as some investors bought its dip below $79,000, although the largest crypto by market value looked wobbly, along with other risk-on assets, after U.S. and Ukraine presidents Donald Trump and Volodymyr Zelenskyy clashed in the White House Friday.

The top cryptocurrency was recently trading above $84,500, up nearly 1% over the past 24 hours but still off 18% from a month ago—and well off its all-time high over $108,000 set in mid-January. Analysts remain pessimistic about its near-term prospects.

"Bitcoin’s rebound from below $79K shows the resilience of dip-buying interest, especially with liquidity still strong in the crypto market," Joe DiPasquale, CEO of crypto asset manager BitBull, wrote in a text to Decrypt. "However, broader risk sentiment remains fragile, and the renewed pullback aligns with weakness across equities and other risk assets following the geopolitical uncertainty out of Washington."

BitcoinBTC · USD

$79,647−1.49%

24H7D1M1YYTD

06:45 AM12:45 PM06:45 PM12:30 AM06:30 AM

$81.3k$80.5k$79.7k$78.9k

24h HighHigh$81,379

24h LowLow$78,706

VolVol$1.4B

Market projectionsOdds by Myriad

Today$78,000 to $80,000$78k–$80k83% chanceThis week$78,000 to $80,000$78k–$80k83% chance

Price data by CoinGeckoCoinGeckoMore Bitcoin news and projections →

DiPasquale added: "While BTC has shown relative strength, macro-driven volatility is likely to persist in the near term."

The crypto markets decline come as investors—fretful about spikes in inflation, a looming global trade war spurred by Trump administration tariffs, and other macroeconomic uncertainties—pull back from riskier assets, including major cryptocurrencies. A record $1.4 billion hack of the Bybit crypto exchange last Friday has further unsettled markets.

Major digital assets have fallen substantially over the past month with Ethereum, the second-largest crypto by market cap, and its rival Solana, the sixth-biggest, off 28% and 36%, respectively. Meme coins, which helped fuel a run-up in prices earlier in the year, have also plunged.

Major equity indexes, which have struggled through a rough week, were again in the red after rallying earlier in the day following the tense meeting between Trump and Zelenskyy. The tech-heavy Nasdaq and S&P 500 were both down a few fractions of a percentage point.

Russia's unprovoked invasion of Ukraine has remained a trouble spot for the global economy, unnerving energy markets and threatening to disrupt trade.

In an email to Decrypt, Sid Powell, CEO of blockchain-based institutional capital marketplace Maple, noted the "geopolitical uncertainty over Ukraine" and the unlikelihood of near-term interest rate cuts because of recent inflation readings. But he saw "medium-term positivity" stemming from regulators' "pro-innovation posture," among other reasons.

Edited by Andrew Hayward