The post Crypto Market Bounces Back: Major Coins Show Positive Recovery After Recent Flash Crash appeared on BitcoinEthereumNews.com.

The cryptocurrency market witnessed a sharp recovery today, with major coins rebounding after a recent flash crash that sent shockwaves through the industry. Bitcoin, Ethereum, and Solana led the recovery, reflecting a renewed sense of optimism among investors. However, the recovery comes on the heels of significant market turmoil, with industry leaders providing valuable analysis on the causes and potential implications of the recent market movements. Market Performance Overview In the last 24 hours, the crypto market experienced a notable upturn. Bitcoin surged by 3.4%, bringing its price to $56,460. Ethereum saw a modest increase of 1%, trading at $2,490, while Solana outperformed with a remarkable 9% rise, reaching $146. This recovery comes after a period of intense market pressure, where major cryptocurrencies faced substantial declines. Gracy Chen’s Analysis on the Recent Market Crash Bitget CEO Gracy Chen provided a comprehensive analysis of the recent market volatility. According to Chen, the last 24 hours saw significant drops in mainstream crypto assets, with Ethereum plummeting by over 20% and Bitcoin by 11%. The derivatives market witnessed liquidations amounting to $1.002 billion, including long orders of nearly $890 million. The market’s panic index, as reported by Alernative.me, fell to 26, indicating a state of “panic.” Chen attributes the market crash to a confluence of factors, including geopolitical tensions and recession fears in the US. The US stock market’s consecutive three-day decline and a circuit-breaker in the Japanese stock market heightened investor anxiety. The panic index VXX spiked by 27% in a single day, reflecting the broader financial market’s stress. Furthermore, Chen highlighted the impact of significant market actions by large institutions. Berkshire Hathaway’s recent sales of Apple and Bank of America stocks, coupled with a surge in its cash holdings, have influenced market sentiment. In the crypto sector, Jump Crypto’s sale of…

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Filed under: News - @ August 6, 2024 6:20 pm