Bitcoin’s Weekly Rebound Reached 14.6% in Kraken’s April 5 Snapshot

Kraken marked bitcoin at $6,751 in its April 5, 2020 daily market report, leaving the asset 14.58% above the exchange’s $5,892 observation from March 29. The seven-day recovery was consequential because it followed the most violent phase of the coronavirus-driven liquidation across cryptocurrency and conventional markets.

The endpoint did not represent another explosive trading session. Kraken reported bitcoin down 0.07% on April 5, with $93.1 million traded across its BTC markets. The combination—a substantial seven-day gain but almost no change during the final session—indicated that the recovery had paused in the high-$6,000 range.

A venue-specific rebound

The 14.58% figure is Coinburn’s calculation from two Kraken daily observations: ($6,751 ÷ $5,892 − 1) × 100. It is not a consolidated global return. Cryptocurrency traded continuously across multiple exchanges, and each venue maintained a separate order book. Daily reports could also differ in their precise cutoff and price-construction methods.

Kraken’s April 5 figure was 15.62% above the $5,839 BTC observation in its March 12 report. That comparison shows that bitcoin had regained ground after Kraken recorded a 25.7% decline on March 12. It does not measure the recovery from bitcoin’s lowest intraday trade, establish that the March selloff had ended, or prove that a durable market bottom had formed.

The April 5 snapshot also remained well below bitcoin’s levels before the March liquidation. The relevant event-day conclusion was therefore stabilization after a severe drawdown, not a restoration of the market conditions that existed before the global financial shock.

The recovery extended beyond bitcoin

Several other large cryptoassets rose between Kraken’s March 29 and April 5 reports. Ether increased from $124.40 to $142.60, a calculated gain of 14.63%. Bitcoin cash rose from $205.10 to $230.80, or 12.53%, while XRP advanced from $0.1629 to $0.1793, or 10.07%.

Those calculations show that the rebound was not confined to bitcoin. They do not establish common causation, however. Each asset had its own liquidity, market structure and positioning. Stablecoin USDT remained at $1.00 in both reports, illustrating why a broad list of cryptoassets should not be described as moving uniformly.

A contemporaneous roundup published on April 6 characterized the April 4–5 weekend as comparatively uneventful for bitcoin and placed the asset in the high-$6,000 range. That independent description is consistent with Kraken’s nearly flat April 5 result, although it was not based on the same venue-specific measurement window.

Trading activity had receded sharply

Kraken reported $123 million traded across all listed markets on April 5, including $93.1 million across BTC markets. On March 12, the exchange had recorded $968 million across all markets and $553 million in BTC trading.

Measured against March 12, the April 5 totals were lower by approximately 87.29% across the exchange and 83.16% for BTC. These are comparisons of Kraken’s reported nominal dollar volumes, not estimates of global spot turnover. They also do not distinguish new purchases, sales, liquidations, market-maker activity or transfers of ownership between particular investor groups.

The decline in activity supports a narrow interpretation: the acute trading intensity visible on March 12 had subsided by April 5. Lower volume alone cannot demonstrate healthier liquidity or reduced risk, particularly during a Sunday session.

What the April 5 record established

By April 5, bitcoin and several major cryptoassets had recovered materially from Kraken’s March 29 observations while bitcoin’s final daily change was almost flat. The primary venue data verify that combination of rebound and consolidation. They cannot establish who drove the recovery, whether it would persist, or whether conditions on Kraken represented the entire cryptocurrency market.