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Bitcoin wiped out 2022 losses — that’s why

As of today Bitcoin We have completely eliminated the losses we saw earlier this year.

Within the first 30 days of 2022, Bitcoin’s price fell from $ 47,733.40 to $ 35,070.10, and since then it has struggled to regain ground.

But recently there have been some catalysts for upward mobility.

Last week, Treasury Secretary Janet Yellen said he was still “a little skeptical” about cryptocurrencies. Interview with CNBCHe adds that innovations in payment systems can be healthy.She is consistent completely Negative About cryptocurrency The comments measured were significant changes.

It also has the compound interest effect of reaching what is considered a milestone in the price of Bitcoin. This is because it means that the asset was no longer in the red in 2022.

According to CryptoBoost CEO Isaac Tebbs, recent price movements have begun to calm fears, uncertainties and doubts (often referred to as the acronym “FUD”) caused by Russia’s invasion of Ukraine and COVID-19. It may indicate that.

“There is a change in the macro environment and many investors consider Bitcoin to be oversold in the $ 30,000 to $ 40,000 range,” he said. Decryption “This could be due to Russia, and COVID is afraid of calming down.”

Tebs, who said marketing companies are working on many Terra-based DeFi projects, said DoKown, CEO of Terraform Labs, recently said. Buy billions of bitcoins Fund the official TerraUSD wallet to support TerraUSD (UST) stablecoin.

However, it’s worth noting that it hasn’t actually happened yet.As of Monday afternoon, the balance held in the wallet $ 1.3 billion After Kwon said last week, Terra is raising a total of $ 3 billion to seed reserves and aims to raise a total of $ 10 billion.

Covalent’s head of marketing, Pratik Gandhi, said it was premature to celebrate the end of Bitcoin’s price turmoil, despite positive price behavior, until prices remain at their current rise for at least another year. , Do not consider confusion. week.

“Most of the recent price behavior has been heavily influenced by overall macro market sentiment and equity tracking,” Gandhi said. Decryption“Other factors that add to these external forces are derivatives and whales involved in mass trading.”

Bitcoin is often referred to as a safe haven asset, and investors move money when the traditional market collapses, but it has continued to the traditional market since the stocks plunged at the start of COVID. increase.In fact, the correlation between Bitcoin and the S & P500 index has been reached. 17 months high..

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