Bitcoin claws back to $70,000 on cooling inflation after $8.7 billion wipeout

Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety. What to know : Bitcoin’s price recovered above $70,000 after a drop, driven by cooler-than-expected U.S. inflation data and increased risk appetite. Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety. $8.7 billion in bitcoin losses were realized in the last week, potentially signaling a capitulation event and a shift of supply to stronger hands.