Bitcoin surges back above $65,000 after $700 million wipeout in Asia whipsaw

BTC fell as much as 4.8% to around $60,033 during late U.S. hours, before snapping back to as high as $65,926. What to know : Bitcoin briefly fell toward $60,000 before rebounding above $65,000, after a steep 13 percent slide on Thursday that marked its worst one-day drop since November 2022. About $700 million in leveraged crypto positions were liquidated in a few hours, underscoring how leverage rather than long-term conviction is driving the market’s sharp swings. The turbulence has spread across the crypto market, hitting altcoins and crypto-exposed companies such as Michael Saylor’s firm, which reported a $12.4 billion quarterly loss tied to bitcoin’s price decline.