The cryptocurrency market is showing a clear rebound just one day after a sharp selloff the previous day.

According to Coin360, at 6 a.m. on Feb. 7 bitcoin (BTC) was trading at $70,332, up 10.56 percent. It retook the $70,000 level in less than 24 hours, strengthening signs of a short-term rebound. Bitcoin's market share stood at 50.86 percent, maintaining a central role even as the broader market rose.

Major altcoins also showed a strong rebound. Ethereum (ETH) rose 10.93 percent from a day earlier to $2,065, and Ripple (XRP) surged 23.15 percent to $1.45 to rank among the top performers. Solana (SOL) gained 10.58 percent to $87.29, while Binance Coin (BNB) rose 3.23 percent to $660.

Other smaller projects also posted a limited rise. Some stablecoin-related assets were flat to slightly higher, reflecting a stabilising market mood.

Experts assess the rebound as a technical recovery after a short-term adjustment, with investor sentiment recovering quickly. Many analyses say defensive buying flowed in and led the rebound as a low-price buying opportunity. Bitcoin's return to the $70,000 level is seen as a symbolic signal of improving market sentiment.

The rebound appears to have been influenced by easing macroeconomic variables mentioned in recent foreign media reports and expectations of a recovery in risk-asset preference. In particular, remarks by Kevin Warsh as the next Federal Reserve chair about the possibility of rate cuts spread through the market, bringing warmth to asset markets. Foreign media analysis said easing volatility across financial markets and some news of strengthening fundamentals encouraged buying inflows from investors.

In related moves, the Dow Jones Industrial Average in New York stock markets rose 2.47 percent from a day earlier to 50,115.67, posting a sharp gain. The S&P 500 index also rose 1.97 percent to 6,932.30, and the Nasdaq Composite index jumped 2.18 percent to 23,031.21.