Crypto Markets Gain Nearly $100 Billion last week

The cryptocurrency market gained nearly $100 billion last week after bitcoin rebounded and reached an 18-month high, ahead of a series of events that led to the recent cryptocurrency collapse.

The dominant cryptocurrency rose as much as 38% over the last 30 days, to $37,000, and topped the $38,000 mark on Thursday, the highest since May 5, 2022, just before TerraUSD collapsed and sparked a series of failures across the cryptocurrency space.

Bitcoin completed its full recovery from that disaster almost until the year after the declines reached their lowest levels when the “FTX” stock exchange, founded by Sam Pankman Fried, filed for bankruptcy.

“With bitcoin trading returning above the level it was when the Terra stablecoin collapsed, cryptocurrency traders officially surpassed those psychological scars,Matixport’s head of research, Markus Thelin, said.

Unlike previous downturns, Bitcoin has staged a recovery this year at intermittent intervals, with steep advances punctuated by long lull periods of low volatility. To reach this point, it has had to overcome the Fed’s tightest monetary tightening in four decades, along with growing industry regulatory regimes.