Bitcoin prices jumped on Tuesday, recovering from steep losses as broader markets rebounded. The world’s largest cryptocurrency surged around 10% in the past 24 hours to $54,778.3, after dipping to over five-month lows at $49,000. Despite the rebound, the recovery remains fragile amid ongoing recession fears and market volatility.
Bitcoin Recovery Amidst Volatility
While Bitcoin regained some ground, a more sustained recovery is uncertain due to persistent concerns over a U.S. recession and an extended rout in equity markets. Reports indicating the U.S. government has mobilized $2 billion in tokens for a potential sale have added to the uncertainty.
Altcoins and Broader Crypto Market Recovery
Broader crypto markets also saw some recovery. Ether rose 8.4% to $2,443.75, while other major altcoins like ADA, SOL, and XRP increased between 11% and 22%. Meme tokens such as DOGE and SHIB also surged, gaining 14% and 20%, respectively.
Cathie Wood’s ARK Buys Coinbase and Robinhood Shares
Cathie Wood’s Ark Invest acquired significant shares in Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD) amidst the crypto market rout. Ark purchased 93,797 Coinbase shares worth $17.8 million and $11.2 million Robinhood shares.
Outlook and Market Sentiment
Despite the recent rebound, the outlook for Bitcoin and the broader crypto market remains cautious. The prospect of U.S. interest rate cuts offers some hope, but broader market conditions will play a crucial role in determining the sustainability of this recovery.
