Bitcoin tumbled to around $60,000 early Friday, wiping out all of its gains since President Donald Trump's election win 15 months ago. However, the world's largest cryptocurrency has rebounded to above $65,000 -- maybe the selling has stopped, at least for now.

Bitcoin was trading at $65,750 early in the day, down 8% over the past 24 hours but up from lows of $60057.00 -- the lowest level since Oct.11, 2024. The crypto slump has been brutal in recent days, exacerbated by a recent selloff artificial intelligence-linked companies. Bitcoin has now fallen 48% from its record high of above $126,000 in October last year.

The world's second largest crypto, Ethereum, was down 10% to $1,921 early Friday. Elsewhere, popular altcoin XRP slipped 6.1% to $1.32. Both also rallied off lows overnight.

It's an adage that assets which lead the fastest rallies get hit the hardest when capital gets pulled. In the past, that's how financial market selloffs have turned disorderly.

Friday's early action may suggest a rebound but there's no guarantee that the selling is over yet.

"With an asset this volatile, it's impossible to ascertain when and where the bottom lies," says Clark Bellin, president and chief investment officer at Bellwether Wealth.

Meanwhile, shares in Strategy, one of the largest holders of Bitcoin, fell sharply in after-hours trading Thursday after the investment firm reported weak earnings. However, the stock was pointing 5.6% up ahead of the open Friday as Bitcoin rebounded.

The question now is whether the recent downturn in crytpo has exhausted itself, or if there's still road to run.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com

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