Crypto Market Recovering From Steep Correction, Here’s Why

Quick Summary:

After a bloodbath on Satoshi Street on Monday, August 5, the broader crypto market is staging a good recovery with the Bitcoin price gaining above $55,400 at 8% from yesterday’s low and other ALTs gaining anywhere between 5-10%.

After crashing a massive 13% on Monday, August 5, Japan’s Nikkei 225 Index has bounced back strongly surging more than 10% in the early trading hours on Tuesday.

The surge in the Yen caused an unwinding of the Japanese carry trade, creating a major mayhem in global equities over the last three trading sessions.

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Article Details

Author / Journalist: Bhushan Akolkar

Category: Crypto

Markets: IndiaJapan

Topics: Japan Nikkei 24/7 Cryptocurrency News Crypto Market Bitcoin Altcoins Japanese Yen Crypto market recovery Crypto Market Sentiment Fed rate cut Ethereum

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-06 @ 04:19:51 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 465 words

Reading Time: 3 minutes read

Sentences: 39 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 21950262

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Main Topics: Crypto

Official Website: coingape.com

Update Frequency: 15 posts per day

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News Last Updated: 8 hours ago

Coverage Areas: India

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