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
Spark, an on-chain capital allocator embedded in the recently rebranded Sky, formerly MakerDAO, ecosystem, says it has committed an additional $1 billion to tokenized real-world assets (RWAs), specifically those backed by U.S. Treasury securities.
The expansion brings Spark’s total value locked (TVL) to $2.4 billion, making it the leading on-chain allocator, per DeFiLlama data.
The allocation follows the conclusion of Spark’s "Tokenization Grand Prix," a months-long initiative that awarded capi...
Berkshire Hathaway CEO Warren Buffet announced plans over the weekend to step down at the end of the year, after turning his company into one of the world’s most profitable firms—with a 5,500,000% return on investment since he took the helm.
But he never cottoned to Bitcoin, although his stance about the technology behind digital assets softened over time.
The 94-year-old Buffett, who made his surprise announcement at Berkshire Hathaway’s annual shareholder meeting, maintained that Bitcoin wou...
The U.S. Securities and Exchange Commission on Monday stopped short of giving the green light to a new crypto exchange-traded fund that would give investors exposure to Litecoin.
The Wall Street regulator instead decided to delay giving an answer to the proposed product—which is a perfectly normal step for such applications.
Nashville, Tennessee-based Canary Capital filed the paperwork in October for the Canary Litecoin ETF. The SEC currently has dozens of altcoin ETF applications to consider f...
