#What Happened to Bitcoin After the Market Selloff?
Bitcoin experienced a remarkable recovery, climbing back above the $90,000 mark after dipping to $84,000 on Monday. The initial decline caused unease among investors and followed a sluggish opening in the equities market. However, optimism returned on Tuesday, boosting both Bitcoin and broader equity markets.
As of Tuesday morning, Bitcoin had regained its footing, pushing past $90,000 once again. This price recovery coincided with positive movements in major stock indices; the S&P 500 rose by 0.3% and the Nasdaq increased nearly 1%. Bitcoin's resurgence was notably impressive, especially with Ether trading around $3,000, Solana at approximately $134, and XRP near $2.15.
How Did Altcoins Perform During This Period?
The cryptocurrency market reflected a broader bullish sentiment, with a 5.7% increase over the past 24 hours. Numerous altcoins enjoyed significant gains. For instance, SKY surged by 17%, PUMP increased by 15%, and SUI climbed 13%, marking their positions among the top-performing assets within the top 100 by market cap.
What Impact Did These Movements Have on Market Liquidations?
This swift price increase led to notable liquidations in the market. Over $138 million in short positions were liquidated within just one hour, alongside $2 million in liquidations of long positions. At the time of reporting, Bitcoin was trading close to $91,000, demonstrating its volatility and the potential risks associated with investing in cryptocurrency.