The world’s largest cryptocurrency jumped 3.2% to $113,450.0, after dropping to a three-week low below $109,000 last week
Bitcoin rebounded on Monday, recovering from multi-week lows as signs of accumulation by large holders offered some support after heavy outflows last week.
The world’s largest cryptocurrency jumped 3.2% to $113,450.0 by 13:47 GMT, after dropping to a three-week low below $109,000 last week.
Bitcoin declined more than 5% in the previous week amid heavy liquidations and selling pressure.
Data from blockchain trackers showed that large investors, or whales, stepped up buying in recent sessions, helping to stabilize prices.
The moves come after high volatility last week, when a wave of liquidations wiped out about $1.5 billion in long positions across crypto exchanges in a single day.
The mood was further aggravated by $22 billion crypto options expiry, marking the end of the third quarter, which exerted downward pressure on Bitcoin and other cryptocurrencies.
Broader sentiment on Monday remained cautious as investors tracked political developments in the U.S. The country’s lawmakers have until Sept. 30 to approve funding and avert a government shutdown.
The impasse has raised concerns that delays in economic data releases, including Friday’s nonfarm payrolls report, could add to uncertainty in financial markets.
While a shutdown would not directly impact the Bitcoin network, the risk-off mood in global markets could weigh on cryptocurrencies.
In other crypto news, crypto exchange Kraken is in advanced discussions to raise new capital that would value the company at nearly $20 billion, Bloomberg News reported on Friday.
The proposed round would see a strategic investor contribute between $200 million and $300 million, the report added.
Investors’ appetite for crypto firms has strengthened amid increasing regulatory clarity and rising institutional participation in digital asset markets.
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