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Bitcoin climbed back above $68,000, rising about 14% from its previous day’s low as buying momentum returned to the crypto market. The rebound helped lift the total cryptocurrency market value by roughly $270 billion, while about $185 million in short positions were liquidated within 12 hours.

At the time of writing, Cryptocurrency markets showed mild recovery signs over the past 24 hours, with Bitcoin trading around $68,090, up about 0.5%, while Ethereum rose roughly 1.8% to $1,972. XRP led gains among major tokens, climbing nearly 10% to around $1.47. The broader CoinMarketCap 20 index also advanced more than 2%.

The cryptocurrency market has shed roughly $720 billion since January 1, with total market capitalization falling from $2.97 trillion to $2.25 trillion, according to market estimates. From the January 14 peak, the broader market has lost about $1 trillion, averaging close to $44 billion in daily declines, highlighting the scale of the ongoing crypto downturn.

The crypto market downturn deepened as leveraged positions from the 2025 rally continue to unwind, triggering fresh selling pressure. Investor sentiment has dropped to Extreme Fear (index 5). Analysts say Bitcoin stabilizing above $65,000 and falling liquidation volumes could signal early signs of market recovery.

Cardano founder Charles Hoskinson says he has lost over $3 billion across crypto cycles but refused to cash out, stating it would have been “real easy” to walk away while reaffirming his commitment to long-term blockchain development.

The global cryptocurrency market remained under pressure, with total market capitalization falling to $2.29 trillion, down nearly 4% in the past 24 hours. Investor sentiment weakened sharply, as the Fear & Greed Index dropped to 5, signaling extreme fear in the market. Bitcoin traded near $67,880, while Ethereum hovered around $1,973.