Crypto Markets Stage Sharp Recovery Amid Fed-Driven Sell-Off

Cryptocurrency prices surged on Thursday as markets rebounded from a Federal Reserve-driven sell-off the day before.

Bitcoin (BTC) pushed above $65,000, and Ethereum (ETH) continued to struggle with bears near the $1,930 level. Other major cryptocurrencies like XRP, Solana (SOL), and Dogecoin (DOGE) also saw gains, ranging from 0.72% to 2.05%

The sharp recovery was led by stocks as well, with Microsoft Corp.'s quarterly financial results beating expectations. The Dow Jones Industrial Average jumped 613.92 points, or 1.2%, and the S&P 500 rallied 1.7%.

Nearly $200 million in liquidations occurred within the last 24 hours, mostly affecting short traders, according to Coinglass data. However, despite the gains, 'Extreme Fear' sentiment persisted in the market, as per the Crypto Fear & Greed Index.