Bitcoin
Bitcoin Jumps Above $62,000, Solana Leads Rising Cryptocurrencies
Cryptocurrencies rose broadly, a day later Bitcoin fell to less than $60,000 for the first time since early May, leading to a widespread sell-off of crypto assets.
Bitcoin rose more than 3% on Tuesday to $62,103.90, according to Coin Metrics. The move coincided with a recovery in Nvidia and Nasdaq Compositeboth suffered the worst days since April in the previous session.
“When the stock market turns, we will likely see panic selling in crypto as well, for no fundamental reason other than emotion and perhaps the need to raise money for margin calls,” said Noelle Acheson, economist and author of the “Crypto is Macro Bulletin Now.” “Yesterday, crypto was hit by some jitters in risk assets.”
Solana it was the crypto market leader on Tuesday, however. It rose 8% after the Solana Foundation announced an update that will allow users to share shares on the network as shareable links around the internet. The Chainlink-linked token, which provides data feeds on the Solana network, gained 7%.
Ether gained 3% and coins linked to other Ethereum rivals rose broadly. Cardano’s ADA jumped nearly 7%, Polkadot advanced 5%, and Binance Coin rose 3%.
“Today’s news from Solana is a wave of positivity. The idea that more than a billion people can now easily access and use SOL is uniformly positive for the alternative currency and its ecosystem, and the traders moving to other Alternative coins are likely betting that this momentum will transfer to the broader DeFi and Web3 market,” said Ben Kurland, CEO of crypto research platform DYOR.
However, he added: “I doubt we will see the real impact of this news for some time, and my money is on us returning to the type of market action we saw earlier this week.”
In stocks, Coinbase and MicroStrategy rose 4% and 9%, respectively.