Within the first 30 days of 2022, Bitcoin’s price fell from $47,733.40 to $35,070.10. But lately, there have been a few catalysts for upward mobility. Last week, Treasury Secretary Janet Yellen said she still has “a little bit of skepticism” about cryptocurrencies.

CryptoBoost CEO Isaac Tebbs says there has been a shift in the macro environment. The fear, uncertainty and doubt generated by Russia’s invasion of Ukraine and COVID-19 have started to subside, he says. The recent price activity could be a sign that the “FUD” is subsiding.

Terraform Labs CEO Do Kown recently said he would buy billions more Bitcoin to fund the Terra protocol’s official wallet to back its TerraUSD (UST) stablecoin. As of Monday afternoon, the balance held in the wallet sat at $1.3 billion after Kwon said last week Terra had raised a total of $3 billion to seed the reserve.

The correlation between Bitcoin and the S&P 500 index just reached a 17-month high. Gandhi won’t consider the turbulence over until the price has held onto its current gains for at least another week. Bitcoin has often been called a safe haven asset, where investors move their money when traditional markets dip.
Posted by GU gustav
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