Bitcoin · Ethereum · Federal Reserve (FED) · Wall Street · CoinDesk
Bitcoin back above $60,000, ETH, SOL recoup losses as AI stocks stage rebound
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Crypto sold off hard this week, with bitcoin breaking below $60,000 even as the technology stocks that had dragged it down came roaring back.
Key facts
- Ether dropped 2.8% to $1,616 for a 7.9% weekly loss, XRP fell to $1.07 and is down 9.2% on the week, and solana slid to $68
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- Bitcoin fell to about $59,200 late Wednesday before buyers pulled it back to around $60,700 on Thursday, down 2.9% over 24 hours and 5.4% on the week, per CoinDesk data
- For now, Kuptsikevich sees a band around $61,800 to $62,000 as the next test, a cluster of resting orders that could either pull the price up as short sellers are forced to buy back, or cap
Summary
Bitcoin slid below $60,000 this week amid continued outflows from U.S. spot bitcoin ETFs, a more hawkish Federal Reserve and a stronger dollar. Major cryptocurrencies broadly fell, with ether, XRP, solana, dogecoin and HYPE all posting steeper weekly losses, while tron was the lone major token to gain. Analysts warn that bitcoin’s approach to its 200-week moving average may signal a new crypto winter, with upcoming U.S. inflation data likely to influence whether the downturn deepens or eases. Bitcoin fell to about $59,200 late Wednesday before buyers pulled it back to around $60,700 on Thursday, down 2.9% over 24 hours and 5.4% on the week, per CoinDesk data.