- Bitcoin (BTC) Jumps Above $56K, Solana (SOL) Leads Recovery From Monday’s Rout
- Asian stocks and futures jumped higher Tuesday, recovering from one of the worst slides in recent years in Monday’s trading session
- The post covers the recovery of Bitcoin, Solana, and other cryptocurrencies after a market downturn on Monday
Asian stocks and futures jumped higher Tuesday, recovering from one of the worst slides in recent years in Monday’s trading session.
Bitcoin and Crypto Markets Rebound
Bitcoin rose back above $56,000 on Tuesday, clawing back some of the heavy losses suffered in Monday’s rout across cryptocurrency and stock markets globally. The price of bitcoin was around $56,700 at press time, up more than 8% over the past 24 hours, according to CoinDesk data.
Ether, the second-largest cryptocurrency by market value, was up over 12% over the past 24 hours, trading around $3,600 at press time. Other major cryptocurrencies like XRP, SOL and ADA were all up between 6% and 16% over the same period.
Monday’s heavy sell-off saw bitcoin briefly dip below $53,000, its lowest price level since early October. The cryptocurrency hit a new all-time high above $69,000 just last week.
Stocks Bounce Back
Equities in Asia made strong gains Tuesday. Japan’s Nikkei 225 closed 2.1% higher, while Hong Kong’s Hang Seng was up more than 3% at press time. U.S. stock futures also pointed to a higher open later in the day.
The rebound in stocks and cryptocurrencies comes after a heavy wave of selling Monday that saw bitcoin plunge as much as 17% at one point during the U.S. trading day. Ether similarly fell over 10%.
Monday’s slide put bitcoin on pace for its worst monthly performance since May 2021. The cryptocurrency was still up about 75% year to date even after Monday’s drop.
Conclusion
Asian stocks and futures jumped higher Tuesday, recovering from one of the worst slides in recent years that occurred during Monday’s trading session. Major cryptocurrencies like bitcoin, ether and solana also rebounded after heavy losses on Monday. The recovery suggests the sell-off may have been overdone, though analysts say volatility is likely to persist through the end of the year.
