Bitcoin has recovered nearly all the ground it lost during Thursday's cryptocurrency market crash. The plunge on Thursday marked the most severe decline for the crypto sector since the collapse of Sam Bankman-Fried's FTX exchange over three years ago. During the sell-off, Bitcoin plummeted by more than 13% at one point, bringing its total drop from the October peak to over 50%. On Friday, Bitcoin surged by as much as 10.6% to $69,778, after earlier in the session approaching a drop below the $60,000 mark for the first time since October 2024. Other smaller, less liquid tokens also staged a recovery. Ethereum and Solana each gained 9%, while XRP soared more than 30%. Bitcoin accounts for nearly 60% of the $2.3 trillion cryptocurrency market. According to Evgeny Gokhberg, founder of Re7 Capital, the pullback from Bitcoin's record high appears to be "driven more by indiscriminate position unwinding than by a clear fundamental catalyst. Market flow data suggests hedge funds may be deleveraging, including pressure around basis trades, indicating this decline could be structural rather than fundamental in nature."