Bitcoin recovers above $62,000 as Solana drives up other cryptocurrencies.


A day after bitcoin fell below $60,000 for the first price since early May, sparking a widespread sell-off in cryptocurrency assets, other cryptocurrencies saw significant increases.

According to Coin Metrics, Bitcoin increased by more than 3% on Tuesday to $62,103.90. The action was followed by a recovery in the Nasdaq Composite and Nvidia, which had both experienced their worst days since April during the previous session.

According to economist and "Crypto is Macro Now" newsletter author Noelle Acheson, "we are likely to see panic selling in crypto as well when the stock market turns, for no fundamental reason other than emotion and perhaps the need to raise cash for margin calls." "Risk asset jitters hit cryptocurrency yesterday."


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%.

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 jolt of positivity. The idea that more than a billion people can now easily access and use SOL is one that is uniformly positive for the alt coin and its ecosystem, and traders rallying into other alt coins are likely betting that this momentum will carry over into the broader DeFi and Web3 marketplace,” said Ben Kurland, CEO at crypto research platform DYOR.


"Solana's news today is a welcome boost of optimism. According to Ben Kurland, CEO of cryptocurrency research platform DYOR, "Traders rallying into other alt coins are likely betting that this momentum will carry over into the broader DeFi and Web3 marketplace." The fact that more than a billion people can now easily access and use SOL is a uniformly positive development for the alt coin and its ecosystem.

He went on, though, saying, "My money is on us heading back towards the type of market action we saw earlier this week. I doubt we see the actual impact of this news for some time."

MicroStrategy and Coinbase both saw stock increases of 4% and 9%, respectively.


 

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