Bitcoin rose on Thursday, recovering a small portion of its recent losses as traders snapped up the cryptocurrency at significantly lower prices, although economic uncertainty and fading expectations of interest rate cuts limited the cryptocurrency's recovery.
The world's largest cryptocurrency slipped into a bear market this week, falling more than 20% from the record highs it reached in early October.
Bitcoin rose 1.7% to $103,744.2 by 4:35 AM Saudi time. Earlier this week, it had fallen below $100,000, its lowest level since mid-June.
World Economic Forum President Brende warns of a cryptocurrency bubble
World Economic Forum President Børge Brende warned of a potential cryptocurrency bubble while speaking to reporters in Brazil on Wednesday.
Brende also warned of potential bubbles in artificial intelligence and government debt.
Fears of a technology valuation bubble were a major driver of market losses this week, with stock market losses spilling over into cryptocurrency markets.
Bitcoin's losses so far in November come after cryptocurrency markets largely missed expectations of outperforming in October. The world's largest cryptocurrency lost nearly 5% last month, breaking seven consecutive years of superior performance in October.
Bitcoin and the wider cryptocurrency markets have also lagged behind other risk-driven markets since early October, following a sudden collapse in the sector that wiped out nearly $500 billion in valuations.
Robinhood Markets' cryptocurrency revenue rises in the third quarter but falls short of expectations
Robinhood Markets Inc (NASDAQ:HOOD) reported third-quarter earnings on Wednesday that beat expectations thanks to a boom in cryptocurrency trading volumes, although its crypto revenue still fell short of Bloomberg's estimates.
Shares in the trading app fell by as much as 4% in after-hours trading on Wednesday.
Revenue from Robinhood's cryptocurrency trading business surged 300% year-over-year to $268 million. The company also announced that CFO Jason Warnick will step down in the first quarter of 2026 and will be replaced by Shiv Verma, a long-serving member of the team.
Cryptocurrency prices today: Altcoins recover some losses, but economic tensions persist.
The broader cryptocurrency market tracked Bitcoin's recovery, although it still suffered sharp losses this week as risk appetite remained weak.
The world’s second-largest cryptocurrency, Ethereum, rose 3.7% to $3,450.09, while XRP rose 5.1% to $2.3596.
Solana rose 3.2% to $162.021, while Cardano and BNB rose between 1.5% and 2%.
Among the meme coins, Dogecoin rose by 1.2%, while $TRUMP outperformed, rising by nearly 16% without any apparent factors.
Cryptocurrency prices took a hit this week amid growing uncertainty about the US economy, particularly with the government shutdown ongoing. Declining bets that the Federal Reserve will cut interest rates in December also weighed on riskier assets.
