Crypto Market Recovery
The crypto market has shown resilience after a recent "flash crash" that wiped out hundreds of billions in value.
An influx of bargain hunters led to a surge in the nominal dollar value of the total crypto market cap, which climbed back above $4 trillion with nearly $190 billion returning to the crypto universe overnight.
The rapid recovery may be masking substantial and systemic weaknesses revealed by the "flash crash", leaving many to wonder if this is a genuine recovery or the calm before the next "storm".
The large-scale breakdown began on October 10, 2020, triggered by a sudden and severe increase in U.S.-China trade tensions.
The speed and violence of the crash were a stark reminder of how easily the crypto market can be impacted by outside shocks.Author's summary: Crypto market recovers $190 billion.