Crypto Bounces Back From Market Crash, Led By SOL And BNB, As Justin Sun Buys The Dip With More Ethereum
Crypto bounced back from yesterday’s market crash, led by Solana and Binance Coin, as Tron founder Justin Sun took the opportunity to buy the dip with a $37 million investment in Ethereum.
The crypto industry’s market capitalization soared more than 9% after yesterday’s carnage with Solana (SOL) surging 23% $142.47 and Binance Coin (BNB) jumping 18% to $489.40 as of 2.45 a.m. EST.
Tron founder Justin Sun saw an opportunity to add to his recent ETH accumulation by purchasing 14,884 ETH on Monday, according to an Aug. 6 X post by Spot On Chain.
With this recent purchase, the amount of Ethereum he has scooped up since February stands at 392,474 ETH.
Bitcoin Hits $55k After Slumping Below $50k During The Market Crash
Market leaders Bitcoin (BTC) and Ethereum (ETH) printed substantial gains. After falling below $50K yesterday, BTC recovered to trade above $55K.
Similarly, ETH was able to reclaim the $2,500 support after it plummeted to its lowest level since January on Monday.
Crypto Fear And Greed Index Plunges
Investor panic caused the Crypto Fear and Greed Index to plunge 9 points over the last 24 hours to signal “Extreme Fear” today. Just a week ago, the index indicated greed in the market with a score of 67.
While investors remain fearful, some analysts are optimistic of a recovery.
Peter Brandt said in an Aug. 5 post on X that BTC’s decline since the April 2024 halving displays a similar movement to that ahead of the 2016 bull run.
Renowned trader and analyst Michael van de Poppe echoed a similar bullish tone, saying on X that yesterday’s correction “can ultimately lead to the bear trap of this cycle.”
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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