Bitcoin rebounds slightly after yesterday’s crash

Bitcoin has recovered slightly after the crypto market lost US$250 billon yesterday.

Bitcoin rallied in the past 24 hours to sit just below US$39,900.

Yesterday’s selloff affected not only Bitcoin, but also Ethereum and many of the top altcoins as the Nasdaq Composite fell 2.2 per cent yesterday taking its five-day losses to 7.2 per cent.

According to analysts, the price of crypto assets were largely affected by anticipated hawkish moves from the US Federal Reserve, who are expected to tighten interest rate by half a percentage point at upcoming meetings.

Meanwhile, Ethereum’s price recovered one per cent in the past 24 hours to hit just above US$3,000.

Altcoin News

While the wider crypto market remained largely stagnant overnight, retail trading giant, Robinhood, added four new cryptocurrencies to its lineup, triggering some rallies in those altcoins.

The US exchange platform is launching support for meme token Shiba Inu, smart contract platform Solana, Ethereum, scaling solution Polygon and lending protocol Compound.

Also Read: Why is Polygon (MATIC) rising? Does it have a Robinhood connection?

The move means that those four altcoins will now be available to Robinhood’s userbase of around 23 million people.

Robinhood announced it would be gifting US$100,000 worth of SHIB to the first 10,000 people who retweeted the announcement.

The move has seen SHIB rally around 19 per cent in the past 24 hours, while Compound token also jumped eight per cent. Meanwhile, the other two tokens also saw slight rises.

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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