Bitcoin reclaims $70K in relief rally as crypto, stocks and metals bounce

Bitcoin reclaimed the $70,000 level today after surging more than 11% by midday Friday, recovering from its steepest single-day drop since the FTX collapse. The leading crypto asset had plunged below $60,000 on Thursday before rebounding sharply.

Ethereum climbed back above $2,000 after falling to $1,750, while Solana recovered to $86 from a low of $65. XRP rallied 22% to $1.50 after dipping below $1.14, with the broader crypto market retracing most of its losses from the previous session.

Crypto-exposed equities also snapped back. Strategy shares surged over 21% to $130 after nearing a breakdown below $100 in Thursday’s after-hours trading, following the firm’s $12.4 billion quarterly loss announcement.

Coinbase gained 10%, Galaxy rose 17%, and mining stocks Marathon and Cipher jumped 20% and 13%, respectively.

Traditional markets staged a recovery from levels not seen since mid-December. The S&P 500 and Nasdaq were both up around 1.5% by midday.

In commodities, gold climbed nearly 4% toward the $5,000 mark, while silver surged 8% to $76. Both remain well below last week’s record highs.

Despite the broad bounce, some analysts warned this could be a short-lived relief rally, citing persistent macroeconomic headwinds and advising caution ahead of next week’s open.