Bitcoin Surges After Dip as Steve Hanke Calls It Fool’s Gold
Bitcoin Rallies After Sunday Dip as Economist Steve Hanke Calls It ‘Fool’s Gold’
Bitcoin rebounded early Monday after a brief Sunday sell-off pushed the asset down to $86,000. By Jan. 26 at 10:15 a.m. EST, it had climbed to an intraday high of $88,750, recovering a portion of the prior session’s losses.
The move coincided with a broader market improvement. Total crypto market capitalization, which had slipped to a low of $2.96 trillion, moved back above the $3.05 trillion level as prices stabilized.
While bitcoin regained ground, the rally came alongside renewed criticism from economist Steve Hanke, who described bitcoin as “fool’s gold.” The comment reflects an ongoing divide between traditional economic skeptics and crypto supporters, particularly during periods of heightened volatility when price swings draw wider attention.
In the background, market data continued to show modest month-over-month gains. CoinGecko listed bitcoin at $89,254.51 at the time of the quoted conversion snapshot, and also showed the asset up about 2.00% over the last month against the U.S. dollar. In Sri Lankan rupees, the same source listed 1 BTC at Rs27,710,364, noting roughly a 2.10% monthly increase versus the LKR, alongside an all-time high of Rs38,111,562.
The latest price action underscores how quickly sentiment can shift in crypto markets: a sharp dip can be followed by a rapid recovery, and high-profile criticism can coexist with resilient spot pricing and a market-cap rebound.
