NY/LONDON, Feb 8 (V7N) — Bitcoin surged more than 11% on Friday, reclaiming the $70,000 threshold after a steep selloff that had dragged the cryptocurrency to its lowest level in over a year. The rebound came amid a broader recovery in global markets, with technology shares and precious metals bouncing back following a widespread rout of risk-sensitive assets.

The world’s largest cryptocurrency was last trading at $70,231, after rising as high as $71,464.96 during the session. Earlier in the day, Bitcoin had slumped to $60,017.60, its lowest level since October 24, as investors reacted to heightened market volatility and a selloff across equities and other risk assets.

Friday’s rally marked Bitcoin’s biggest single-day percentage gain since March 2023, highlighting the cryptocurrency’s continued sensitivity to shifts in global risk sentiment. Despite the strong rebound, Bitcoin remained under pressure on a weekly basis, posting a decline of around 8% for the week.

Market analysts said the recovery was supported by renewed buying interest following the sharp drop, alongside a rebound in technology stocks and precious metals, which often move in tandem with broader risk appetite. The earlier selloff had been driven by concerns over global economic uncertainty and tighter financial conditions, which prompted investors to reduce exposure to volatile assets.

The sharp intraday swing underscored Bitcoin’s ongoing volatility, as traders weighed macroeconomic signals, movements in traditional financial markets, and broader investor sentiment. While the rebound provided temporary relief, analysts cautioned that price swings could continue in the near term amid fragile market conditions and ongoing uncertainty across global markets.

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