Bitcoin (BTC) gained four.three% on Wednesday as cryptocurrencies recovered losses despite increasing turmoil on global stock markets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price reverses upward

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing almost all the previous twenty-four hours's losses on Wednesday to merchandise above $57,500 at the time of writing.

The move came amongst concerns over froth in tech stocks, fueled by problems in Taiwan that saw the land's equities index post its biggest one-24-hour interval loss in history.

Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the calendar week, only the latest macro dip failed to worsen their functioning.

Conversely, as has get a hallmark trait of an increasingly asymmetrical market, most major cryptocurrencies bucked the trend and returned to growth.

"BTC is bouncing hither and Altcoins are recovering strongly," popular Twitter commentator Rekt Capital letter summarized on Tuesday as the Us Federal Reserve buoyed the crypto crusade by refusing to suggest that economic interventions could exist lessened.

Previously, concerns had surfaced that Bitcoin could ultimately fall through $50,000 under electric current weather, opening up the path to equally low every bit $twoscore,000.

Ether all-time highs persist

In a continuation of "alt flavor 2.0," meanwhile, Ether (ETH) led gains in one case once again, touching new all-fourth dimension highs while maintaining support at $four,000. Gas fees, all the same, remain a headache for traders and Ethereum network users.

ETH/USD 1-hour candle nautical chart (Bitstamp). Source: TradingView

Other altcoins also challenged record highs, amidst them Cardano (ADA), which, at the time of writing, was merely $0.04 away from all-time highs of $1.83.

Amidst continued controversy over meme coins, Dogecoin (DOGE) was flat, while "tribute" coin Shiba Inu (SHIB) lost 23% to autumn out of the superlative 20 cryptocurrencies by market capitalization. Weekly gains for the coin still stood at nearly i,500%.