Bitcoin and other leading cryptocurrencies are showing signs of recovery following a sharp dip last week, primarily driven by macroeconomic factors.
Over the past week, Bitcoin’s price dropped 4%, hitting a multi-week low of $112,000, which prompted Arthur Hayes, co-founder of BitMEX, to warn that ongoing macroeconomic pressures could push BTC back toward the $100,000 range.
However, Maksym Sakharov, co-founder and CEO of WeFi, told CryptoSlate that the correction was a natural consequence of an overheated market.
According to Sakharov, Bitcoin’s impressive bull run over the past month, followed by a new all-time high, made the price dip almost as expected. The market, he added, was simply taking a breather before continuing its upward momentum.
Already, the market is showing signs of strength again, with Bitcoin and other major assets, including Ethereum, Solana, and BNB, all beginning to recover and show gradual rebounds.
XRP, in particular, stood out among the top 10 digital ass
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