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Market Recovery From Monday's Rout
Summary: Bitcoin (BTC) surged above $56,000 early Tuesday, spearheading a broader market recovery in Asia following Monday's steep price slide. The bounce-back was driven by bargain hunters seizing the opportunity after the significant drop. CoinGecko data shows that BTC increased by 6%, marking its highest 24-hour price jump since May and igniting a wider market rebound. ...
Bitcoin (BTC) surged above $56,000 early Tuesday, spearheading a broader market recovery in Asia following Monday's steep price slide. The bounce-back was driven by bargain hunters seizing the opportunity after the significant drop.
CoinGecko data shows that BTC increased by 6%, marking its highest 24-hour price jump since May and igniting a wider market rebound. Major cryptocurrencies followed suit, with Ether (ETH) and XRP (XRP) both adding 8%, BNB Chain’s BNB rising 12%, and Solana’s SOL surging by as much as 16%. The broad-based CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization excluding stablecoins, jumped 7.26%, recording over $95 million in trading volumes.
Asian stocks also saw a significant recovery. Japan's Topix jumped about 10% as the yen weakened against the U.S. dollar, snapping a five-day surge. Futures tracking the S&P 500 rose 1.5%, while the tech-heavy Nasdaq 100 climbed 2.1%. The renewed hopes for faster Federal Reserve rate cuts following Monday's global market slide seemed to have bolstered risk sentiment.
Despite institutional investors selling spot ETFs on Monday, the overall market sentiment has stabilized, with Bitcoin and Japanese stocks looking to regain stability amid discussions of potential rate cuts.
