Bitcoin (BTC) Price Today: BTC Surges 7% to Cross $61,000 Mark, Reflecting Resurgence in Crypto Market

Bitcoin and Ethereum surged 7% and 9% respectively, lifting the broader crypto market after a tumultuous week.

Cryptocurrency prices today: Bitcoin surged over 6% to cross the $61,000 mark on Friday. The uptick follows a week of turbulence in the crypto market, but recent price movements indicate a potential recovery. However, experts warn that the market may experience a downturn considering its volatility, and recent gains could already be factored into the price.

“Bitcoin and Ethereum surged 7% and 9% respectively, lifting the broader crypto market after a tumultuous week. Bitcoin has stabilized near $61,000 and Toncoin has been the other major gainer among the larger -cap alts. TON is now at $6.3, up about 11% from its previous price. Considering the market’s volatile nature, a potential downturn is expected as recent gains may already be priced in,” noted Avinash Shekhar, co-founder & CEO of Pi42.

The live price of Bitcoin is $61,074 per (BTC / USD), as at 12:40 pm IST, with a current market cap of $1.21 trillion, according to coindesk.com. The 24-hour trading volume is $42.07 billion. Bitcoin is +6.74% in the last 24 hours with a circulating supply of 19.74M.

Among other cryptocurrencies, Ethereum jumped 10.9% to $2,691.62, Dogecoin rose 5.72% to $0.105, BNB increased 5.08% to $513.45.

“Bitcoin traded at $61.27k, reflecting a notable resurgence in the crypto market. This uptick is driven by renewed investor confidence and optimism, particularly in response to recent regulatory developments that have eased market tensions. However, analysts warn that this recovery could be marked by volatility, with price swings likely as the market contends with external influences and shifting dynamics,” CoinSwitch Markets Desk stated.

It further noted that XRP has outpaced Bitcoin with a significant 17% surge, thanks to the resolving Ripple’s lengthy legal battle with the U.S. Securities and Exchange Commission (SEC). The case, initiated in 2020, centred around whether Ripple conducted an unregistered securities offering through the sale of XRP. The outcome of the case had a major effect on the market sentiment around the token, contributing to its sharp rise.

In a separate development, dormant wallets connected to the infamous $4 billion PlusToken Ponzi scheme in China have moved 2,800 Ether, sparking concerns about potential market manipulation or large-scale sell-offs. These wallets, which had been inactive for years, were linked to the Ponzi scheme, and their activity is being closely watched for its potential impact on Ether prices and the broader market stability.

A US judge has ruled that FTX and Alameda must pay creditors $12.7 billion following their bankruptcy. This decision highlights the vast financial liabilities of both firms as they navigate the bankruptcy process. Creditors will now attempt to recover funds, making this court ruling a critical step in the effort to recoup losses incurred by the FTX collapse.

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