Bitcoin is Recovering Towards $70,000
Bitcoin (BTC) has gained 4.5% this week, reaching $61,018 and effectively erasing the 16.0% losses it experienced on Monday—an impressive recovery. The cryptocurrency briefly surged to $62,726 on early Friday, surpassing its pre-sell-off peak from before the downturn in risky assets began on August 2.
This strong rebound was bolstered by a ruling from Judge Analisa Torres, who ordered Ripple to pay a $125 million fine after four years of litigation with the U.S. Securities and Exchange Commission (SEC). The fine is significantly lower—16 times less—than what the SEC had initially demanded. Ripple's price surged by 25.0% to $0.6424 on the news.
Further supporting Bitcoin and other risky assets was positive news from the U.S. labor market. The tech-heavy Nasdaq 100 index jumped by 4.2% on August 8, helping to push Bitcoin above $60,000. With this momentum, Bitcoin appears poised to potentially rise toward the $70,000 mark.
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