{"id":561144,"date":"2024-08-06T10:18:21","date_gmt":"2024-08-06T10:18:21","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/auto-draft"},"modified":"2024-08-06T07:25:32","modified_gmt":"2024-08-06T07:25:32","slug":"crypto-bounces-back-from-market-crash-led-by-sol-and-bnb-as-justin-sun-buys-the-dip-with-more-ethereum","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-bounces-back-from-market-crash-led-by-sol-and-bnb-as-justin-sun-buys-the-dip-with-more-ethereum","title":{"rendered":"Crypto Bounces Back From Market Crash, Led By SOL And BNB, As Justin Sun Buys The Dip With More Ethereum"},"content":{"rendered":"<p>Crypto bounced back from yesterday&rsquo;s market crash, led by Solana and Binance Coin, as Tron founder Justin Sun took the opportunity to buy the dip with a $37 million investment in Ethereum.<\/p>\n<p><span style=\"font-weight: 400;\">The crypto industry&rsquo;s market capitalization soared more than 9% after yesterday&rsquo;s carnage with&nbsp;<\/span><a href=\"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-slumps-17-as-analysts-say-this-solana-gamefi-ico-might-be-the-best-crypto-to-buy-now\"><span style=\"font-weight: 400;\">Solana<\/span><\/a><span style=\"font-weight: 400;\"> (SOL) surging 23% $142.47 and Binance Coin (BNB) jumping 18% to $489.40 as of 2.45 a.m. EST.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tron founder <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/justin-sun-scoops-up-5-million-eth-as-ethereum-etf-launches-approach\"><span style=\"font-weight: 400;\">Justin Sun<\/span><\/a><span style=\"font-weight: 400;\"> saw an opportunity to add to his recent ETH accumulation by purchasing 14,884 ETH on Monday, according to an Aug. 6 X <\/span><a href=\"https:\/\/x.com\/spotonchain\/status\/1820632561770762456?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1820632561770762456%7Ctwgr%5E940b4a3d08f988e17fe7247b94a482d0097ec994%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoingape.com%2Ftron-founder-justin-sun-scoops-additional-14884-ethereum-eth-amid-market-recovery%2F\"><span style=\"font-weight: 400;\">post<\/span><\/a><span style=\"font-weight: 400;\"> by Spot On Chain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> With this recent purchase, the amount of Ethereum he has scooped up since February stands at 392,474 ETH.<\/span><\/p>\n<h2>Bitcoin Hits $55k After Slumping Below $50k During The Market Crash<\/h2>\n<p><span style=\"font-weight: 400;\">Market leaders Bitcoin (BTC) and Ethereum (ETH) printed substantial gains. After falling below $50K yesterday, BTC recovered to trade above $55K. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similarly, ETH was able to reclaim the $2,500 support after it plummeted to its lowest level since January on Monday.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> reclaims $55K. <a href=\"https:\/\/t.co\/dAOfiHVZ5I\">pic.twitter.com\/dAOfiHVZ5I<\/a><\/p>\n<p>&mdash; CoinGecko (@coingecko) <a href=\"https:\/\/twitter.com\/coingecko\/status\/1820497441793450201?ref_src=twsrc%5Etfw\">August 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">Crypto Fear And Greed Index Plunges<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Investor panic caused the <\/span><a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\"><span style=\"font-weight: 400;\">Crypto Fear and Greed Index<\/span><\/a><span style=\"font-weight: 400;\"> to plunge 9 points over the last 24 hours to signal &ldquo;Extreme Fear&rdquo; today. Just a week ago, the index indicated greed in the market with a score of 67.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> While investors remain fearful, some analysts are optimistic of a recovery.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Please note that <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle <a href=\"https:\/\/t.co\/cIm3WKzBog\">pic.twitter.com\/cIm3WKzBog<\/a><\/p>\n<p>&mdash; Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1820421762493890737?ref_src=twsrc%5Etfw\">August 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Peter Brandt said in an Aug. 5 post on X that BTC&rsquo;s decline since the April 2024 halving displays a similar movement to that ahead of the 2016 bull run. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Renowned trader and analyst Michael van de Poppe echoed a similar bullish tone, <\/span><a href=\"https:\/\/x.com\/CryptoMichNL\/status\/1820535728914489606\"><span style=\"font-weight: 400;\">saying<\/span><\/a><span style=\"font-weight: 400;\">&nbsp;on X that yesterday&rsquo;s correction &ldquo;can ultimately lead to the <a href=\"https:\/\/www.investopedia.com\/terms\/b\/beartrap.asp#:~:text=A%20bear%20trap%20occurs%20when,reverses%20and%20goes%20back%20up.\">bear trap<\/a> of this cycle.&rdquo;<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Related Articles:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/pulse\/best-altcoins-invest-unveiling-top-picks-maximum-returns-calsona-9ceye\/\"><span style=\"font-weight: 400;\">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-plunges-below-52k-and-ethereum-slumps-23-amid-panic-selling-as-japan-rate-hike-spooks-investors\"><span style=\"font-weight: 400;\">Bitcoin Plunges Below $52K And Ethereum Slumps 23% Amid Panic Selling As Japan Rate Hike Spooks Investors<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/new-cryptocurrency-releases-listings-presales-today-mpaa-hat-thetanuts-finance\"><span style=\"font-weight: 400;\">New Cryptocurrency Releases, Listings, &amp; Presales Today &ndash; MPAA, Hat, Thetanuts Finance<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">PlayDoge (PLAY) - 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