Bitcoin rallies past Terra crash level in win for bruised bulls
Bitcoin is finally back to where it traded before the event that precipitated the last crypto crash.
The dominant cryptocurrency rose as much as 6.7% to $37,973 on Thursday before paring the gain. That was the highest since May 5, 2022 — just before the TerraUSD stablecoin collapsed and ignited a daisy chain of failures across the cryptoasset space. Bitcoin completed its full recovery from that debacle almost exactly to the year after the rout reached its nadir when Sam Bankman-Fried’s exchange FTX filed for bankruptcy.
“With Bitcoin trading back above the level when the Terra stablecoin imploded, crypto traders have officially moved on from those psychological scars,” said Markus Thielen, head of research at Matrixport.
Unlike in previous boom cycles, Bitcoin staged this year’s recovery in fits and starts, with sharp advances interspersed with long lulls of low volatility. To get here, it had to overcome the steepest monetary tightening by the Federal Reserve in four decades, along with increasingly stringent industry regulations.
Did you Know?
SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.
View Details»“BTC has finally shown signs of being regarded as investors as a risk-off asset similar to gold, as implied by the correlations in the past months,” said Jaime Baeza, managing partner at crypto hedge fund AnB Investments.
A succession of narratives propelled — or sought to explain — crypto’s remarkable resurgence: Bitcoin as a hedge against inflation; as a refuge from
