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Crypto bounced back from yesterday’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. 
The crypto industry’s market capitalization soared more than 9% after yesterday’s carnage with&nbsp;<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">Solana</a> (SOL) surging 23% $142.47 and Binance Coin (BNB) jumping 18% to $489.40 as of 2.45 a.m. EST. 
Tron founder <a href="https://insidebitcoins.com/news/justin-sun-scoops-up-5-million-eth-as-ethereum-etf-launches-approach">Justin Sun</a> saw an opportunity to add to his recent ETH accumulation by purchasing 14,884 ETH on Monday, according to an Aug. 6 X <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">post</a> by Spot On Chain. 
 With this recent purchase, the amount of Ethereum he has scooped up since February stands at 392,474 ETH. 
<h2 id="bitcoin-hits-55k-after-slumping-below-50k-during-the-market-crash">Bitcoin Hits $55k After Slumping Below $50k During The Market Crash</h2> 
Market leaders Bitcoin (BTC) and Ethereum (ETH) printed substantial gains. After falling below $50K yesterday, BTC recovered to trade above $55K. 
Similarly, ETH was able to reclaim the $2,500 support after it plummeted to its lowest level since January on Monday. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 JUST IN: <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> reclaims $55K. <a href="https://t.co/dAOfiHVZ5I">pic.twitter.com/dAOfiHVZ5I</a> 
 — CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1820497441793450201?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 id="span-style-font-weight-400-crypto-fear-and-greed-index-plunges-span">Crypto Fear And Greed Index Plunges</h2> 
Investor panic caused the <a href="https://alternative.me/crypto/fear-and-greed-index/">Crypto Fear and Greed Index</a> to plunge 9 points over the last 24 hours to signal “Extreme Fear” today. Just a week ago, the index indicated greed in the market with a score of 67. 
 While investors remain fearful, some analysts are optimistic of a recovery. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Please note that <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$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> 
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820421762493890737?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Peter Brandt said in an Aug. 5 post on X that BTC’s decline since the April 2024 halving displays a similar movement to that ahead of the 2016 bull run. 
Renowned trader and analyst Michael van de Poppe echoed a similar bullish tone, <a href="https://x.com/CryptoMichNL/status/1820535728914489606">saying</a>&nbsp;on X that yesterday’s correction “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.” 
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3> 
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 <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">Bitcoin Plunges Below $52K And Ethereum Slumps 23% Amid Panic Selling As Japan Rate Hike Spooks Investors</a></li> 
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Crypto Bounces Back From Market Crash, Led By SOL And BNB, As Justin Sun Buys The Dip With More Ethereum

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