Bitcoin rises above $60,000 after falling to $59,200
Bitcoin prices have recovered to above $60,000 after dropping to about $59,200. The token’s weekly losses remain steep, down 5.4% over the week.
Major cryptocurrencies also saw significant losses, with ether down 7.9% and XRP falling 9.2% over the week. Solana slid to $68, while dogecoin and HYPE were the worst hit, down 11.9% and 11.7% respectively.
The same AI trade that pulled crypto lower earlier in the week has rebounded, with technology stocks coming back. Tron was the lone major token to gain, up 1.9% on the week.
The upcoming U.S. inflation data is likely to influence whether the crypto downturn deepens or eases, with analysts warning of a potential new crypto winter.