Bitcoin surged back above $65,000 on Friday, as the recent global sell-off in technology stocks and risky assets showed signs of easing.
Despite the rebound, the cryptocurrency is still set for its worst weekly performance since late 2022, reflecting ongoing struggles in the digital asset market following last October’s record crash.
The world’s largest cryptocurrency was last trading at $65,894.20, up 4.4%, clawing back losses after sliding 5% earlier in the session to a low of $60,008.52. Over the week, Bitcoin has lost nearly 14% in value, its steepest weekly drop since November 2022, and remains around its weakest point since early October 2024.
“Bitcoin’s been going down since October (2025), maybe you could ask if it was the canary in the coalmine, or a coincidence,” said Chris Weston, head of research at brokerage Pepperstone in Melbourne.
Ethereum (Ether) mirrored Bitcoin’s volatility, rising 4% to $1,921 after earlier sliding close to a 10-month low of $1,751.94. Ether is headed for a weekly decline of nearly 16% and a year-to-date drop of 35%.
The global crypto market has lost approximately $2 trillion in value since reaching a peak of $4.379 trillion in early October, with over $1 trillion wiped out in the past month alone, according to CoinGecko. Market sentiment has been affected by volatility in precious metals and equities, as leveraged buying and speculative flows ripple across asset classes.
“Bitcoin drifting back toward $60,000 is not crypto dying, it is the bill coming due for Treasuries and funds that treated bitcoin as a one-way asset without real risk controls,” said Joshua Chu, co-chair of the Hong Kong Web3 Association. He added that investors who over-leveraged or assumed prices would only rise are now facing the realities of market volatility and risk management.
Bitcoin’s price has been closely tied to the broader technology sector, particularly driven by investor enthusiasm around artificial intelligence. The cryptocurrency fell through the $70,000 mark on Thursday, marking its weakest performance since November 2024.
Analysts from Deutsche Bank noted that U.S. spot Bitcoin ETFs experienced outflows exceeding $3 billion in January, following $2 billion and $7 billion in outflows in December and November, respectively.
“February is not panning out well for stock market bulls so far. We shall have to see if Bitcoin’s recovery above $65,000 signals a deeper rebound,” said Kathleen Brooks, XTB research director.
Source: Reuters
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