According to U.Today, David Schwartz, the chief technology officer at Ripple and one of the creators of the XRP Ledger, shared his thoughts on the recent market crash that affected both traditional financial markets and cryptocurrencies. Schwartz took to his official account on the X social media platform to post a tweet that intrigued and entertained the XRP community. In his tweet, Schwartz humorously referenced a warning allegedly given to him by his mother during his childhood, stating, 'It's times like this when the market is crashing and everyone is panicking that I wish I had listened to what my mother told me as a child.' When asked by commentators what his mother had told him, Schwartz replied, 'I don't know! I didn't listen.' This light-hearted comment generated multiple responses from the community.
Over the past 24 hours, Bitcoin, the world's leading digital currency, has managed to recover by 12.6%, regaining the $56,000 level after a significant drop of more than 18% since Sunday. The decline began on Monday, July 29, and continued until Monday this week, resulting in a 28.70% decrease, with Bitcoin falling to $54,750. However, Bitcoin has started to recover, driven by a rebound in the Japanese stock market, which had also experienced a crash. The Nikkei 225 index's rise has positively impacted global markets, including the cryptocurrency market.
Major U.S. indexes such as the S&P 500 and the Nasdaq also saw significant declines, which contributed to the crypto market's downturn. The crash was exacerbated by massive liquidations as traders sought to avoid further losses. Despite this, the recent recovery in the Japanese stock market has led to a revival in other markets worldwide. Bitcoin is currently trading at $55,170, while Ethereum, the second-largest cryptocurrency, is trading at $2,470 after an 11% recovery.
