Bitcoin (BTC) briefly surged to $62,000 during the Asian morning as the broader crypto market continued its recovery from the early-week downturn. The cryptocurrency later settled just above $60,500, marking a 5.5% increase over the past 24 hours. The CoinDesk 20 Index (CD20) also rose by approximately 3.9%, with ether (ETH) leading the gains, up nearly 7.75% to $2,540.
This crypto rebound mirrors the recovery in U.S. stock markets, where the S&P 500 recorded its best day since November 2022, and the Nasdaq 100 climbed 3.1%.
The latter part of the week saw nearly $100 million in bitcoin shorts liquidated, with some analysts suggesting that the worst of bitcoin’s recent slumps may be over. According to Michael Terpin, founder of Transform Ventures, BTC is unlikely to fall below $50,000, especially with the Bank of Japan’s decision not to raise interest rates further and a decrease in selling pressure from Jump Trading. Terpin believes that the bull market will continue following the traditional four-year cycle, with strong gains expected in October and November.
In other news, Ionic Digital, the bitcoin miner that acquired Celsius’ mining assets, has postponed its plans to go public following the resignation of its CEO and auditor. Former CEO Matt Prusak informed the company in July that he would not be extending his term past August 14. Ionic has begun searching for a new CEO and has appointed its recently hired CFO, John Penver, as interim CEO. Despite the leadership change, the company remains committed to pursuing an initial public offering, expressing confidence in Penver’s ability to lead them toward that goal.
