The leading cryptocurrency by market capitalization, Bitcoin, is mounting a tentative recovery that's seen it climb by 4% over the past 24 hours. Ethereum, the second-largest cryptocurrency, has mounted a more impressive 6.5% rally over the same period.
This bullish action comes just days after the industry faced a flash crash over the weekend, shaving roughly $400 billion of the entire industry, according to CoinGecko.
On Friday, Bitcoin fell from more than $57,000 to near the $46,000 level the next day. Likewise, Ethereum $4,600 to $3,800. Neither cryptocurrency has recouped all of its losses, but the broader market has rebounded some on Tuesday.
Bitcoin is back trading around $51,000 and Ethereum is holding steady at around $4,350.
Alongside the two leading cryptocurrencies, Solana, Cardano, Polkadot, and Terra have also recovered some of the ground lost in the crypto crash. Terra’s native LUNA token even managed to hit an all-time high on Sunday while the rest of the market slumped.
Many market watchers cited renewed coronavirus fears, amid the continued spread of the Omicron variant around the globe. Traditional markets were also deeply affected, with the S&P 500 also dropping by just under 2%.
The crypto industry was hit especially hard, according to Sam Trabucco, CEO and trader at Alameda Research, due to the low liquidity in the market at the time of the crash.
“Part of the reason [the crash] was still substantial was the low liquidity,” he tweeted on Saturday. “On various exchanges, [Bitcoin] got sub-$30k for a moment! And that was because of how little liquidity sits on the book during super-off-hours.”
A few features of this move were important: - the price of BTC, for instance, was nearing in on a longtime local minimum -- sub-$53k hadn't happened since early October, the same day it crossed $50k - it was late Friday U.S. / early weekend Asia, among the lowest-liquidity times pic.twitter.com/UaGTDqHdC1
Shares of stablecoin issuer Circle (CRCL) tumbled 8.23% on Tuesday to $198.31, after receiving a downgrade from “neutral” to a “sell” rating from analysts at investment firm Compass Point on Monday.
The decline extends the stock's 17.47% fall over the past month from its all-time high of $298.99 on June 23, based on Yahoo Finance data.
The firm now sets a price target of $130 for CRCL, a further 34% fall from its current trading price.
“While we expected CRCL to rally into stablecoin legisla...
Bitcoin miner Bitfarms' stock surged Tuesday after the Canadian company announced a share buyback program.
Bitfarms—which trades on both the Toronto Stock Exchange and Nasdaq—was recently trading higher on the American index (NASDAQ: BITF) by nearly 14%, at a price of $1.28.
The Toronto-based company said that it is now authorized to purchase up to 49,943,031 of its common shares out of the 557,548,857 common shares outstanding—about $64 million worth at the current price. This represents up t...
Ethereum treasury firm SharpLink Gaming brought its total ETH holdings to over 360,000, the company announced in Tuesday in a weekly progress report.
Those assets are worth $1.3 billion, based on ETH's current price, although SharpLink acquired the Ethereum at an average price of $3,238.
SharpLink (SBET) said that it bought 79,949 ETH last week. The firm bought $48 million of the cryptocurrency on July 14 and added a series of purchases in the ensuing days.
"The continued strength of ETH and...
