Cryptocurrency markets start to pick up as traders hint panic selling is over

On Thursday, most assets in the market were sold off due to the escalating geopolitical situation, and cryptocurrencies were no exception, with bitcoin dipping to $34,500 and ethereum approaching $2,300 at one point on Thursday. However, as investors gradually digested the negative news, market panic fell back and the cryptocurrency market started to recover.

As of Friday's writing, most cryptocurrencies have started to rally, with Bitcoin climbing to around $38,500, Ether to $2,600, BNB to $362, Shiba Inch surging 13%, Dogcoin up 11% and LUNA up 30%.

Crypto trader Pentoshi said on social media that the bitcoin price is likely to regain the $40,000 mark in the near term, although he expressed "caution" about the overall macro environment.