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Cardano and XRP have recorded gains in the past day in a cryptocurrency market recovery attributable to the institutional investments in a broader market recovery.
Source: Coinshares
ADAUSD is +5.57%, XRPUSD is down -0.11%
The trend comes as cryptocurrencies dropped to the lowest level due to an increase in the liquidation of risk assets. The same was aggravated with Celsius halting withdrawals for its customers, causing concerns about liquidations.
Ethereum has seen another week of outflows of $41 million to bring the total month-to-date outflows to $387 million, in expectation of an aggressive monetary policy by the Fed.
The US stocks dropped heavily, with Nasdaq falling sharply into a bearish market. Bitcoin and cryptocurrency have a history of being linked to equities and other risky assets.
The cryptocurrency market capitalization gas dropped below $1 trillion on Monday for the first time since February 2021, at $958 billion. Cardano dipped about 20% to a low of $0.435 before a rebound.
Cardano’s ADA jumped 15% to trade at $0.505, while XRP had dropped to lows of $0.293 before rebounding about 4% to trade at $0.31.
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