Bitcoin bounces back past $59,000 sparking $185 million in liquidations

Bitcoin price rallied above $59,000 on Thursday, marking an 8% gain on the day despite broader macroeconomic fears.

According to CoinGlass, over $189 million in crypto market transactions have been settled in the past 24 hours, including $109 million in shorts.

Bitcoin’s rise began at approximately 13:50 UTC, with Bitcoin rising from $57,000 to $59,815 over the next three hours. The leading digital asset is now up 8.45% on the day at $59,622, with its weekly losses now reduced to 7.78%. Likewise, Ethereum is up 9.93% on the day to $2,572. Its weekly losses remain high at 18.8%, with the ETH/BTC ratio still at 0.043, one of its lowest levels this year. Telegram-linked Toncoin recorded one of the strongest daily recoveries, up 13% on the day. Memecoin PEPE increased by 11% and Solana by 7.85%. The market’s broad recovery mimics that of the stock market, which has also completely erased its losses since macroeconomic fears spooked the economy over the weekend. The NASDAQ100 is down just 0.43% over the past five trading days, compared with 6% when markets opened on Monday. Since last week, the Bank of Japan has pledged not to continue raising interest rates as long as market volatility persists. Many crypto investors interpreted the central bank’s statement as a sign that the fund was in. “Because I’m clear. BTFD! Because the BOJ caved in,” BitMEX co-founder Arthur Hayes said on Wednesday. Bitcoin/USD. Source: TradingView SPECIAL OFFER (sponsored) Binance Free $600 (exclusive of CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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