Bitcoin managed to reclaim the $39,000 level.
The crypto market has started to retrace its losses after a one-week decline. Some leading altcoins such as LUNA have seen notable rises of 16%.
This rise in LUNA came after Singapore-based Luna Foundation Guard (LFG), a nonprofit that supports the growth of the Terra ecosystem, announced it had raised $1 billion by selling LUNA to several leading crypto funds and investors. took place. One of the largest funding rounds to date in the crypto circles, this development will be geared towards building a Bitcoin-denominated foreign exchange reserve for Terra’s stablecoin, UST. LUNA, which has decreased to $ 48 in the past days, is trading at $ 60 as of the time of publication.
Markets Are Recovering
As it is known, Bitcoin had regressed to $ 36,600, a level that was last seen in mid-2021 due to the Russia-Ukraine tension. Similarly, there were significant decreases in leading altcoins.
The value of the crypto market slumped from $2 trillion to $1.7 trillion last week as global markets reacted to the macroeconomic effects of Russia-Ukraine tensions, inflation and the Fed’s hawkish policies. Then, after the USA announced that it would impose sanctions on Russia and threatened to take tougher steps, there was a recovery in the markets. The recovery came as sanctions weakened the possibility of a hot war.
The US stock market also recovered somewhat after the announcement. However, the recovery in the crypto market was more drastic, with Bitcoin reclaiming $39,000 while LUNA and ADA are over 10%; ETH, SOL, and XRP also gained more than 7%. Total market capitalization rose 5.8% to reclaim $1.85 trillion.
Market Watchers Warn
However, some crypto market experts have warned investors of the bullish trend. According to experts, the current macroeconomic sentiment is not conducive to sustaining upward movements.
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