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Cryptocurrencies rose broadly, a day after bitcoin
slumped to under $60,000 for the first time since early May, leading to a broad sell-off in crypto assets.
Bitcoin advanced more than 3% on Tuesday to $62,103.90, according to Coin Metrics. The move coincided with a rebound in Nvidia and the Nasdaq Composite, both of which in the previous session suffered their worst days since April.
“When the stock market turns, we are likely to see panic selling in crypto as well, for no fundamental reason other than emotion and perhaps the need to raise cash for margin calls,” said Noelle Acheson, economist and author of the “Crypto is Macro Now” newsletter. “Yesterday, crypto got hit with some risk asset jitters.”
Solana
was the crypto market leader on Tuesday, however. It jumped 8% after the Solana Foundation announced an update that will allow users to share on-chain actions as shareable links around the internet. The token tied to Chainlink, which provides data feeds on the Solana network, gained 7%. 0 reply
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