The price of Bitcoin has rebounded by 7% in the last 24 hours, recovering much of the ground lost in this week's market crash.
Currently, Bitcoin (BTC) sits at $38,192, up 7.02% on the day, per CoinMarketCap. After plummeting to lows $35,000 earlier this week, Bitcoin reached a 24-hour high of $38,930 before being rejected.
The broader crypto market has staged a recovery, too; the total market cap of all cryptocurrencies now sits at $1.7 trillion, up 7.29% on the day, and up from a low of $1.55 trillion earlier in the week.
Ethereum (ETH) currently stands at $2,583, up 7.7% on the day, while top 10 cryptocurrencies XRP, Cardano (ADA) and Solana (SOL) have risen by 6.5%, 6.7% and 5.6% respectively. Terra (LUNA) has staged a stunning recovery, up over 22% on the day to reach a price of $65.58.
Bitcoin's rollercoaster week
Bitcoin crashed earlier this week following Russia's invasion of Ukraine, leading a crypto market rout that saw $200 billion wiped off the total market cap of all cryptocurrencies, a drop of over 12% in 24 hours.
The crash was mirrored in the wider financial market, with the US S&P 500 and Nasdaq 100 dropping 1.8% and 2.6% respectively on the news of the invasion.
$200 Billion Wiped From Crypto Market Cap Following Russia’s Invasion of Ukraine
The market cap of all cryptocurrencies has plunged by $200 billion following Russia’s invasion of Ukraine, a drop of over 12% over the last 24 hours. The current market cap of all cryptocurrencies currently sits at approximately $1.56 trillion, down from a high of $1.77 trillion during the last 24 hours, according to CoinMarketCap. Many of the crypto industry’s largest, most established cryptocurrencies are also deep in the red. At the time of going to press, Bitcoin is at just over $35,400,...
The crypto market's recovery similarly seems to have moved in lockstep with global financial markets; the Nasdaq and S&P 500 both rebounded in the last day, with the S&P 500 ending Thursday up around 0.3%, after slipping 2.6% at its low earlier in the day.
The news followed the announcement of sweeping sanctions directed against Russia by the U.S. and EU, precipitating a rebound in equities, and a reversal in prices of safe haven assets such as gold.
