The major coins were on an uptrend Sunday night as the surge in volatility during after-hours trading was particularly notable.

What happened: Bitcoin showed signs of recovery as it climbed back above $27,000 after a sharp drop last week. Despite the uptrend, the largest cryptocurrency by market cap is still down over 10% since May 5. The recent decline was driven by profit-taking and low liquidity, as well as industry and macroeconomic uncertainties.

At the time of writing, the global crypto market cap was $1.13 trillion, up 1.42% over the last day.

At the time of publication, US stock market futures appeared to be bearish. S&P 500 futures and Nasdaq futures both fell nearly 0.1%.

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analyst Remarks: “Bitcoin weakens as the dollar rises and Wall Street jitters over some macro risks. “Bitcoin still faces further downward pressure until we get regulatory clarity in the US,” he said Edward MoyaSenior Market Analyst at OANDA.

He added, “Coinbase COIN goes to great lengths to ensure regulation does not become crippling and has established a global advisory board. Coinbase has many respected former lawmakers and regulators on its side, and that should lead to optimism that crypto will eventually play a bigger role in the financial system.”

Crypto Analyst Michael van de Poppe noted that bitcoin is showing strong price action, with recent declines being followed by a gradual rise to $27,200.