Bitcoin Rebounds to $62,000 as Nasdaq Recovers From 3%
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin bounced back to $62,000 after earlier trading nearly down to the $60,000 level, tracking the Nasdaq's afternoon recovery from a more than 3% intraday drop to a 1% loss at close.
- Coinbase (COIN) declined 4.1% on the session, one of several crypto-related stocks that lost ground despite the broader market's late-day bounce.
- Strategy (MSTR) fell 8%, the steepest drop among major crypto-linked equities cited, as the selloff hit leveraged bitcoin proxy names hardest.
- Galaxy Digital (GLXY) rose 7.1% as a notable outperformer, with the source attributing the gain to investors reassessing the company's valuation in light of its rapid data center expansion.
- Nasdaq briefly tumbled more than 3% during Tuesday's session before a late-day rally cut the loss to roughly 1%, the swing that pulled bitcoin off its lows.
Why it matters: Galaxy Digital's 7.1% gain stands out against an 8% Strategy tumble and 4.1% Coinbase drop — showing that even during a broad crypto selloff, investors are rewarding infrastructure exposure (data center buildout) over pure bitcoin-correlated plays. The fact that BTC recovered from near $60,000 to $62,000 alongside a Nasdaq bounce signals risk-asset correlation remained the dominant force, with no idiosyncratic crypto catalyst apparent in the session.
