BTC Rebounded From The Post-Ukraine Crash, Surges 7%

BTC rebounded from the Post-Ukraine crash and it surged by 7% earlier today as we can see in today’s Bitcoin latest news.

BTC rebounded after it crashed in the wake of the Russian-invoked war on Ukraine only two days ago. The price of BTC rebounded by 7% in the past 24 hours and recovered most of the lost ground in this week’s market crash. BTC sits at $38,192 or up by 7.02% on the day after plummeting to the lows of $35,000 earlier this week and reaching a 24-hour high of $38,930 before being rejected. The broader market staged a recovery as well and the total market cap of all cryptocurrencies sits at $1.7 trillion marking an increase of 7.29% on the day and up from the low of $1.55 trillion earlier in the week. ETH now stands at $2,583 or up by 7.7% on the day while top 10 coins like ADA, SOL, and XRP increased up to 6%.

Terra’s LUNA stated a great recovery and increased by 22% on the day to reach a price of $65.58. Bitcoin crashed earlier this week after Russia’s invasion of Ukraine and led a crypto market rout that saw $200 billion being wiped off the total market cap of all cryptocurrencies, marking a drop of over 12% in the past 24 hours. The crash was mirrored by the rest of the financial market with the S&P500 and Nasdaq 100 dropping on the news of the inflicted war.

The crypto market recovery similarly seems to have made some steps alongside the global financial markets. The Nasdaq rebounded alongside S&P which ended the day on a 0.3% rise after slipping 2.6% in the low earlier in the day. The news followed the announcement of sweeping sanctions directed against Russia by the US and the EU and precipitated a rebound in equities and a reversal in the prices of safe-haven assets like gold.

In just a few hours, BTC exploded by $5000 and neared $40,000 before it managed to retrace to the current level of around $38,000 so now BTC is up by 6.5% on the day and the market cap reclaimed the $700 billion positions. However, Luna leads the recovery. LUNA exploded 25% and the alternative coins experienced even bigger price drops yesterday but most of them are well in the green. Ethereum dumped all the way down to $2,200 but then recovered to $2,600 while Binance coin. Solana and Ripple all increased by 6%.

Cardano and Avalanche increased hand in hand by 7% and Polkadot increased by 10%. Terra stole the show among the larger cap altcoins with a 22% surge and LUNA now trades at $65. The crypto market cap is up by $150 billion since the low of yesterday and it is close to $1.7 trillion.