One day after bitcoin fell below $60,000 for the first price since early May, causing a widespread sell-off in cryptocurrency assets, other cryptocurrencies saw significant gains.
The price of bitcoin increased by almost 3% on Tuesday to $62,103.90.
The move was made in tandem with a recovery in the Nasdaq Composite and Nvidia, which had both experienced their worst days since April during the previous session.
“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.”
Source (CNBC)
