Summary:
- Market Rebound: Despite an earlier market crash, Bitcoin has surged past $60,000, leading a broader crypto rebound.
- Buying the Dip: Binance saw a $2.4 billion net inflow since Aug. 5, with stablecoins USDT and USDC making up the majority.
- XRP and ETH: XRP rallied 26%, while Ethereum (ETH) is up nearly 10%, signaling a potential bullish reversal.
Cryptocurrencies have resumed their rebound following a significant sell-off earlier in the week, with Bitcoin topping $60,000 late on Thursday. This marks a strong recovery for the leading cryptocurrency, which has been at the forefront of a broader market rebound.
On Aug. 8, on-chain analytics platform Lookonchain reported that Binance, the world’s largest cryptocurrency exchange, experienced a net inflow of $2.4 billion since the market dip on Aug. 5. A significant portion of this inflow was in stablecoins, with $1.33 billion in USDT and $519 million in USDC, indicating that retail investors are actively buying the dip.
Additionally, Binance’s trading volumes spiked to their highest levels since mid-April on Aug. 6, surpassing $50 billion as retail investors began increasing their holdings. Despite the ongoing recovery, most altcoins remain at bear market levels, with the exception of XRP.
XRP saw a notable boost following a favorable court decision and a smaller-than-expected fine in its legal battle with the U.S. Securities and Exchange Commission (SEC). The cryptocurrency rallied by 26% to $0.63, recovering most of its losses from the broader crypto downturn since Aug. 5. By the morning of Aug. 9 in Asia, XRP was trading at $0.61, slightly down from its earlier high.
Ethereum (ETH) has also shown strength in the face of selling pressure from capitulated whales and Jump Crypto. After dropping to almost $2,100 on Monday, ETH advanced 12% to $2,644.90, leading the rebound among major cryptocurrencies. ETH is now up nearly 10% and is trading at $2,600 as of Friday morning in Asia, with technical indicators suggesting a possible bullish reversal.
As the crypto market continues to recover, investor sentiment remains optimistic, with many seeing the recent dip as an opportunity to accumulate assets at lower prices. Bitcoin’s surge past $60,000 and the inflows into Binance highlight the continued confidence in the long-term potential of cryptocurrencies.
Disclaimer:
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