Bitcoin climbs above $62,000 as crypto market steadies after brutal selloff

 Bitcoin rose above $62,000 on Sunday, recovering from its lowest levels of 2026 after a sharp market selloff erased hundreds of billions of dollars from digital asset valuations, according to reports from CoinDesk.

The world’s largest cryptocurrency was trading up 3.08% at $62,843.5 as of 05:04 ET (09:04 GMT) after briefly falling below the key $60,000 level on Friday. The rebound followed one of the toughest weeks for crypto markets since the collapse of FTX in late 2022.

Bitcoin lost more than 17% during the week, while Ethereum dropped roughly 20%. The broader digital asset market shed about $390 billion in value, pushing total cryptocurrency market capitalization to just above $2 trillion.

Heavy liquidations amplified the decline. Data cited by CoinDesk from CoinGlass showed nearly $7 billion worth of leveraged positions were liquidated during the week, with long positions accounting for about $5.7 billion of the losses.

One catalyst was Strategy’s disclosure that it sold Bitcoin for the first time since 2022. While the transaction involved only 32 BTC worth roughly $2.5 million, it raised concerns among investors who had viewed the company as a consistent source of demand for the cryptocurrency.

Spot Bitcoin ETF outflows also remained a headwind. Market participants have increasingly pointed to a rotation of capital toward artificial intelligence investments, as investors chase opportunities linked to AI infrastructure, semiconductor companies, and anticipated technology IPOs.

The selloff accelerated after a stronger-than-expected U.S. jobs report on Friday. The data pushed Treasury yields higher and reinforced expectations that the Federal Reserve could keep interest rates elevated for longer, weighing on risk assets, including cryptocurrencies.

Despite the recent volatility, developments across the financial sector highlighted continued adoption of blockchain technology. JPMorgan Chase, Bank of America, Citigroup, and other major lenders announced plans to launch a shared tokenized deposit network by 2027, allowing deposits to move across blockchain infrastructure with around-the-clock settlement.

Elsewhere, several Bitcoin wallets dating back to 2011 became active after more than a decade of dormancy. The transfers drew attention across the crypto community and underscored the value now held by some of Bitcoin’s earliest investors.

Investors are now watching whether Bitcoin can maintain support above $60,000 and extend its recovery after a week marked by liquidations, ETF outflows, and broader macroeconomic uncertainty.

Crypto price today: altcoins surge higher, but are still down for the week

Broader crypto prices tumbled on Saturday, tracking declines in Bitcoin.

World no.2 crypto Ether surged 4.45% to $1,640.23, but was still down 17.58% for the week.

XRP gained 6.58% to $1.1631 but had declined more than 13.18% for the week.

Solana and Cardano reversed recent losses and were up 5.24% and 6.25%, respectively. BNB rose 3.45%.

Among memecoins, Dogecoin and $TRUMP edged up 5.28% and 0.00%, respectively.