Bitcoin (BTC) on March 14 was at its highest level in the history of observations. On that day, it was close to $73,800.
However, a week later, BTC suffered a severe shock due to the correction of the U.S. stock market. The virtual currency found a bottom at $60,800, after which it began to consolidate.
As noted by Alex Thorne, head of the research division of Galaxy Digital, a short-term fall was inevitable.
As a result, bitcoin’s March run was replaced by its strong drawdown.
BTC began to recoup its losses earlier this week. At the time of publishing this review, bitcoin was trading at $70,860.
Ether (ETH) rose 6.9% to $3633 on Tuesday night, March 26, while Binance Coin (BNB) jumped 4.6% to $594.
Avalanche (AVAX), Solana (SOL) and Cardano (ADA) added more than 5%.
Bitcoin rose 12% in a month and its value soared 64% in the first quarter, CNBC reported.
Swan Bitcoin analyst Sam Callahan said the crypto market reacted positively to the U.S. Federal Reserve’s decision to keep rates on hold.
The regulator’s willingness to soften policy increases the appetite for risk, and traders are going into shares of technology companies and digital assets.