Bitcoin’s price nears USD60,000 mark following sharp decline

(MENAFN) On Thursday, Bitcoin's price experienced a notable rebound, nearing the USD60,000 mark and recovering some of the major losses it had faced recently. During the trading day, Bitcoin reached a high of USD59,806 and was trading at around USD59,636 by 3:53 p.m. EDT. This represented an impressive daily gain of 8.8 percent, indicating a significant upward shift for the world's leading cryptocurrency after a period of sharp declines.

Ethereum, the largest altcoin by market capitalization, also saw substantial gains, trading at USD2,581, which was an increase of 9.6 percent for the day. The overall cryptocurrency market benefitted from this positive movement, with its total value rising to USD2.09 trillion, reflecting an 8.2 percent daily increase. This surge highlights a broad recovery within the digital asset space, according to CoinMarketCap, a leading digital asset price-tracking website.

Bitcoin had reached its peak value of USD69,992 on July 29, shortly after US Republican presidential candidate Donald Trump laid out his vision for the United States to become the "crypto capital of the planet" and a leading Bitcoin superpower. Despite this initial optimism, the cryptocurrency market faced a steep decline beginning August 1, driven by recession fears that triggered a global market downturn. As a result, Bitcoin's price fell to as low as USD49,551 on Monday, underscoring the volatility and sensitivity of the cryptocurrency market to broader economic shifts and investor sentiment.

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