"Americas' Crypto Market Recovers After Turbulent Monday"

The CoinDesk 20 Index (CD20) has seen an increase of 8.8% in the past 24 hours, reaching 1,782. This comes as a broader recovery follows Monday’s rout.

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Bitcoin (BTC)

Price: $54,931
Change: +6.4%

The price of Bitcoin regained the $56,000 mark during the Asian morning, but has since pulled back to trade around $55,000, which is still a 7% increase from yesterday.

Ether (ETH)

Price: $2,448
Change: +8.0%

Despite suffering its biggest single-day drop since 2021, with a price drop of up to 20%, professional investors appear to have bought the dip, leading to an influx of nearly $49 million in spot ether ETFs on Monday.

S&P 500

Price: 5,186.33
Change: -3.0%

The S&P 500 has seen a decrease of 3% in the past day, but the crypto market seems to be unaffected by this downturn.

Gold

Price: $2,455
Change: +2.2%

Gold has seen an increase of 2.2% in the past day, but its price remains relatively stable compared to the crypto market’s fluctuations.

Nikkei 225

Price: 34,260
Change: +10.2%

The Nikkei 225 has seen a significant increase of 10.2% in the past day, outperforming other major indices.

Bitcoin Regains $56,000 Amid Broader Recovery: The price of Bitcoin regained the $56,000 mark during the Asian morning, but has since pulled back to trade around $55,000.
Solana’s SOL Leads Gains in Crypto Market: Solana’s SOL led the gains in the crypto market, adding nearly 13% to its price and reaching around $137.
XRP and DOGE See Significant Price Increases: XRP and DOGE have seen significant price increases, with XRP rising by around 7.5% and DOGE increasing by over 11.8%.
Market Analysts Weigh in on Bitcoin’s Price Movement: Ruslan Lienkha, chief of markets at YouHodler, believes that Bitcoin’s price may see a corrective rebound, but this increase will likely be limited due to the prevailing pessimism in the broader markets.

Spot Ether ETFs See $49 Million Inflows

Despite the drop in ETH’s price, spot ether ETFs saw nearly $49 million of inflows on Monday. This influx of funds is significant, as it represents a buying opportunity for investors who believe that the price of ETH will recover soon.

ARK Invest Buys Coinbase and Robinhood Shares

Ark Invest has taken advantage of the market slump to buy $17.8 million worth of Coinbase shares and $11.2 million worth of Robinhood’s stock. This move is consistent with ARK’s strategy of loading up on shares when their prices slide, in order to offload them once their prices recover.

Chart of the Day

The chart below shows the daily net inflow of DOGE into wallets tied to centralized exchanges. On Monday, exchanges recorded a net outflow of $49.11 million worth of DOGE, the highest single-day tally since April 12.

Source: Coinglass