Bitcoin’s surprise run of gains for several days has left cryptocurrency bulls ecstatic.
On Monday, Bitcoin rose nearly 5%, and the price of the currency briefly rose above $48,000, setting a new high for 2022. Currently, Bitcoin is fluctuating around $48,000.
Like other risk assets, cryptocurrencies, led by Bitcoin, have been struggling over the past few weeks. But after breaking above the pivotal $45,000 level over the weekend, Bitcoin has gained massive momentum.
Grayscale CEO Michael Sonnenshein said in a televised interview that Bitcoin erased its losses this year, exciting the cryptocurrency community. He believes that Terra began to buy Bitcoin as a reserve asset, which may support Bitcoin prices.
Blockchain ecosystem Terra founder Do Kwon has officially confirmed that they have purchased more than $1 billion worth of Bitcoin since the end of January as a reserve asset for their stablecoin Terra USD (UST), the media reported Monday.
Bitcoin has gained 17% over the past week.