Bitcoin, Crypto Price Action
Bitcoin Rebounds Near $89,500 Amid Market Volatility
Bitcoin made a notable recovery on Thursday, climbing back to around $89,500 after hitting a low near $82,000 on Tuesday. The cryptocurrency had initially surged to nearly $95,000 on Sunday, fueled by a social media post from former President Donald Trump about a strategic reserve. However, the gains were short-lived as Bitcoin and other cryptocurrency
ncies quickly reversed course following Trump's announcement of new tariffs on Canada, Mexico, and China.
The market saw a modest rebound on Wednesday after comments from Lutnick suggested that Trump might reconsider some of the tariff measures.
Meanwhile, Ethereum also saw gains, rising above $2,220 on Thursday after dipping to around $2,100 earlier in the week. Other cryptocurrencies showed mixed performances: ADA surged nearly 46% over the past week, while XRP and SOL posted gains of about 20% and 5%, respectively, according to CoinMarketCap.
In the stock market, Coinbase shares lost their weekly gains, now down less than 1% as of Thursday. In contrast, MicroStrategy (MSTR) saw a 9% jump this week. Bitcoin mining stocks were mixed, with Mara Holdings (MARA) advancing over 8%, while Core Scientific (CORZ) tumbled nearly 29%.
On the ETF front, BlackRock's iShares Bitcoin Trust (IBIT) and other spot Bitcoin ETFs surged nearly 6% this week, reflecting renewed investor interest in the cryptocurrency space.