Following a mediocre performance over the weekend, Bitcoin, Ethereum, and a bevy of other major cryptocurrencies have all witnessed huge rises starting on Monday.
The cryptocurrency market has recovered 4% in the last 24 hours, with Bitcoin (BTC) leading the charge after surging back above $43,000 on Tuesday morning, a 3-week high.
Approximately 42k traders were liquidated across the cryptosphere in just 24 hours as a result of the market pump, bringing the total amount liquidated to more than $162.86 million.
As of writing, the market’s price pump has ramped it up from $1.836 trillion to $1.895 trillion, a $59 billion increase in the last 24 hours.
Since the leaked press release from US Treasury Secretary Janet L. Yellen, which details how the government intends to regulate the industry, the market has been in upbeat mood.
Terraform Labs (TFL) announced plans to accumulate a stunning $10 billion worth of Bitcoin (BTC) to add to the project’s stablecoin reserves, has also played a key role in this pump.
Do Kwon, the creator of Terraform Labs, is confident that its stablecoin TerraUSD, which is backed by $10 billion or more in Bitcoin reserves, will “open a new monetary era under the Bitcoin standard.” Do Kwon also stated that they have begun purchasing.
Bridgewater, the world’s largest hedge fund, also said yesterday that it is planning to invest in its first crypto fund. This is a sign that the world’s largest hedge fund is taking cryptocurrency seriously enough to invest its own money in it.
Bitcoin’s price is $42,800 USD at the time of writing, with a 24-hour trading volume of $35.8 billion USD. In the previous 24 hours, the most popular cryptocurrency has gained 4%, giving it a market share of 42.95 percent. The total market capitalization of cryptocurrencies is at $1.895 trillion.