Cryptocurrencies rallied broadly the following day. Bitcoin It dipped below $60,000 for the first time since early May, sparking a broad sell-off in the cryptocurrency.
Bitcoin rose more than 3% on Tuesday to $62,103.90, according to Coin Metrics. The move coincided with a recovery for Nvidia and the Nasdaq Composite Index, which experienced its worst day since April in the previous session.
“If the stock market turns around, we’ll likely see panic selling in crypto too, for no fundamental reason other than emotional reasons and perhaps the need to raise cash to prepare for margin calls,” said Noel Acheson, economist and author of the newsletter “Crypto is Macro Now.” “Crypto got hit yesterday by risk asset jitters.”
Solana But the leader in the crypto market on Tuesday was the Solana Foundation, which rose 8% after the foundation announced an update that will allow users to share their on-chain actions in real time. Shareable Link On the Internet, the token associated with Chainlink, which provides a data feed to the Solana network, rose 7%.
Ether rose 3%, while coins related to Ethereum rivals also rose broadly: Cardano’s ADA rose about 7%, Polkadot gained 5% and Binance Coin rose 3%.
“The news out of Solana today is a jolt of positivity. The idea that over a billion people can now easily access and use SOL is a uniformly positive for altcoins and their ecosystem, and traders entering other altcoins are likely betting that this momentum will spread to the broader DeFi and Web3 markets,” said Ben Kurland, CEO of crypto research platform DYOR.
However, he added, “The actual impact of this news will not be felt for some time. I expect we will see a return to market behavior similar to that seen earlier this week.”
On the stock market, Coinbase and MicroStrategy rose 4% and 9%, respectively.
