Bitcoin, the world’s most dominant cryptocurrency, rose 5.09% to $47,033.04 per coin on Monday despite the increase in U.S and U.K interest rates.
Investors King understands that institutional investors that are the backbone of Bitcoin seem to have started returning to the world’s most capitalised digital asset amid growing global uncertainty and the projected slowdown in the global economy due to the Russia-Ukraine war and rising Covid infections in China.
On Monday, Singapore’s QCP capital attributed the increase to purchase by Luna Foundation Guard. Luna had acquired $125 million worth of Bitcoin and expected to increase its purchase to $3 billion in total as it moves to build a strong reserve for TerraUSD.
“One notable buy flow this week was the 125 million USDT purchase of BTC by Luna Foundation Guard (LFG). This purchase is part of the plan to systematically accumulate a total of 3 billion USD worth of BTC as a reserve for TerraUSD (UST),” QCP wrote.
As expected, Ether, the world’s second most capitalised cryptocurrency, also extended gains by 5.64% to $3,322.89 a coin in the last 24 hours.
This increase was broad-based as XRP, Terra (Luna), Solana and Cardano (ADA) gained 3.13%, 4.46%, 7.46% and 3.77%
“Trading volumes are up as buyers try to turn this resistance line into support and take further steps up in pricing,” Joe DiPasquale, the CEO of fund manager BitBull Capital, stated but added: “If we don’t remain above this line, we will consolidate lower than here.”
Against the Nigerian Naira, Bitcoin gained 5.43% to N19.554 million a coin. While Ether appreciated by 5.71% to N1.383 million.
