Market News
Bitcoin rallies, tops $70,000 as risk assets stabilize - REUTERS
Summary
- Bitcoin posts largest daily gain since March 2023
- Crypto options market shows high demand for downside protection
- Traders focused on $60,000 - $50,000 strikes by February 27 expiry
NEW YORK/LONDON, Feb 6 (Reuters) - Bitcoin climbed back above $70,000 on Friday, after sinking to a 16 month low earlier, lifted by a sharp rebound in technology shares and precious metals following a global rout that had hammered a broad swathe of risk assets. The world's largest cryptocurrency was last up more than 11% at $70,231 , rising as high as $71,464.96 and recouping losses that pushed it to $60,017.60, the lowest level since October 24, earlier on. Bitcoin posted its largest one-day gain since March 2023, but was down roughly 8% this week.
