Cryptocurrencies rose broadly the next day Bitcoin It fell below $60,000 for the first time since early May, triggering a widespread sell-off in crypto assets.
Bitcoin rose more than 3% on Tuesday to $62,103.90, according to Coin Metrics. The move coincided with a rebound in the Nvidia and Nasdaq Composite indices, both of which suffered their worst days since April in the previous session.
When the stock market turns, we'll likely see panic selling in cryptocurrencies 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 Crypto Is. Macro Now” Newsletter. “Yesterday, cryptocurrencies were hit with some risky asset jitters.”
Solana However, it was the leader in the cryptocurrency market on Tuesday. It jumped 8% after the Solana Foundation announced an update that will allow users to share on-chain actions as shareable links online. The coin tied to Chainlink, which provides data feeds on the Solana network, rose 7%.
Ethereum's value rose 3% and coins tied to other Ethereum competitors rose widely. Cardano's ADA jumped nearly 7%, Polkadot advanced 5% and Binance Coin rose 3%.
“Today’s news from Solana is a jolt of positivity. The idea that over a billion people can now easily access and use SOL is uniformly positive for the altcoin and its ecosystem, and traders who are piling into other altcoins are likely to bet that this momentum will carry over to the broader DeFi and Web3 markets,” said Ben Kurland, CEO of cryptocurrency research platform DYOR.
However, he added: “I doubt we will see the actual impact of this news for some time, and my money is on a return to the type of market action we saw earlier this week.”
In stocks, Coinbase and MicroStrategy rose 4% and 9%, respectively.
