Crypto Market Rebounds After Wild Week
The cryptocurrency market ended a volatile week nearly flat, recovering from a Sept. 29 slump that erased $50 billion in value. The initial downturn coincided with surging oil prices and rising Treasury yields, leading to a brief drop in aggregate market capitalization to $2.95 trillion.
Bitcoin led the market's wild swings, closing September up 7% and narrowing its year-to-date losses to 4%. After dipping below $83,000 on Monday, the asset held above that support level until Wednesday, when a brief spike to $85,300 quickly surrendered its gains.
The start of October offered a glimpse into how bitcoin might perform in a month known historically for strong returns. Market data showed bitcoin surging to $87,217 on Oct. 2, matching levels not seen since Sept. 23. However, the top cryptocurrency quickly surrendered those gains, sliding to $84,250, just below its weekly open of $84,720.