Overnight crypto rout reverses, bitcoin rebounds to $66,300

The crypto market experienced a rare period of volatility during Asia hours on Monday, with bitcoin BTC$66,215.58 tumbling more than 5% to $64,270 shortly after midnight UTC before bouncing back to $66,300 by 11:00 UTC.

The selloff and subsequent bounce mirrored the action in U.S. equities. Futures tracking the S&P 500 index fell by 0.84% after opening on Sunday evening before starting to recover five hours later.

Gold futures did the opposite, rising on Sunday evening's open to the highest since Jan. 30 before giving back some of those gains during European hours. Silver tracked the more expensive metal.

The surge in precious metals alongside weak performance in risk assets comes after U.S. President Donald Trump said he planned to impose new 15% global tariffs on trading partners and increased U.S. military presence near Iran fueled a rush toward haven assets.

Altcoins succumbed to low liquidity conditions overnight as solana (SOL) and SUI$0.9051 tumbled by between 7% and 8% before both bouncing back in European hours, a move that led to $270 million in altcoins liquidations, according to CoinGlass.

More For You

Pre-market trading stabilizes as bitcoin reclaims $66,000, Saylor eyes 100th BTC purchase

President Trump’s proposed tariffs and U.S. tensions with Iran have weighed on broader risk sentiment.

What to know: