Crypto Recovery? Bitcoin, Ether, and Other Digital Assets Rise Following US Recession Worries and Major Losses
Top cryptocurrencies like Bitcoin and Ether recovered some losses on Tuesday after a severe market selloff.
Bitcoin's price increased by about 8% to over $55,000 early Tuesday morning.
Despite the rebound, Bitcoin is still down nearly 17% compared to last week.
Ether also saw a rise of up to 9%, reaching over $2,450, but remains down 25% from a week ago.
Other major cryptocurrencies like Binance's BNB and Ripple’s XRP showed modest gains of at least 8% on Tuesday.
The total value of the cryptocurrency market grew nearly 8% in the last 24 hours, now at $2.07 trillion.
Crypto market gains over the past day only partially counteract a 16% drop from the previous week.
The cryptocurrency market experienced its worst decline since the introduction of spot-bitcoin and spot-ether ETFs earlier this year.
Bitcoin and Ether hit six-month lows, and Ether had its worst day since 2021.
The recent downturn in the market is influenced by U.S. recession fears and broader economic instability, including job data and geopolitical tensions.