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Crypto market strengthens as Bitcoin recovers from last week’s $1B liquidation event

By:
on Aug 24, 2023
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  • Crypto prices record gains as traders move past last week’s massive liquidation event.
  • Altcoins lead the upside after staving off worries about connection with the BNB Chain network.
  • Bitcoin soars as US equity futures and European stocks noted broad-based surges.

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Invezz.com reported how liquidations surpassing $1 Billion deteriorated the crypto market last week. That triggered negative sentiments as Bitcoin plunged toward the $25K region. However, the narrative has changed over the past 24 hours as the market gradually recovers from the massive liquidations.

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Cardano and Solana led the upside with 3% surges as the altcoin market stave off worries about contagion risks within the Binance ecosystem. BNB gained 1% within the last day as it battles to erase its bearish stance.

Maker (MKR) and AI-centered Render (RNDR) surged 6% and 9%, respectively, amid positive developments in the alternative currencies. Maker’s boosted savings products attracted investors, whereas the latter flourished after Nvidia proved the AI’s bullish stance. Nvidia continues to benefit from artificial intelligence (read more)

Whales aid market recovery

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Last week’s sudden crash dented the broad market revival as $1B vanished from the crypto space, massively hitting trading volumes. Market participants found the ‘buy the dip’ tale unwelcoming as the colossal price declines potentially affected funds and investors.

However, it appears whales are rejoining the marketplace. Wednesday saw Bitcoin climbing towards $26.8K as dip-pocketed players added to their holdings again. Wallets with 10 to 10,000 BTCs have scooped assets worth $306.8 million since 17 August.

Bitcoin’s latest upticks emerged as the United States equity futures and European stocks surged following a broad-based rally triggered by soaring tech shares.

Bitcoin’s attractive future

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While the latest Bitcoin slump triggered worries, analyst Mags highlighted reasons the crypto will remain elevated and attain remarkable surges in the coming months. Nonetheless, time will tell everything.

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