Bitcoin temporarily jumped past its 2022 yearly breakeven level of $47,201, hitting as high as $47,524 before paring back to settle in the $45,850 range.
BTC USD up +1.05%, ETH USD up +1.68%
The largest crypto by market capitalization rose 5% in the last 24 hours. Bitcoin has surged more than 12% since last Sunday after rising for six straight days.
On a note, Singapore’s QCP capital indicated the bullish momentum is likely to continue in the near term due to a wider rally in the global asset prices.
QCP further pointed out a notable buy flow this week of the 125 million USDT buy o BTC by Luna Foundation Guard (LFG). This purchase is part of a program to accumulate a total of 3B USD worth of BTC as a reserve for TerraUSD (UST).
Ether and most other major cryptocurrencies were also booming, rising to over $3,250, its highest level since early February. The second-largest crypto followed a similar trend to bitcoin.