The broader cryptocurrency market is once again staging a solid 5% recovery today. In a surprise move, Bitcoin (BTC) has bounced back 7% moving to $41,500 levels. The recent bounceback follows after the last weeks of strong volatility in the market.
It seems that the market is already giving a thumbs up to the upcoming executive order coming from the Biden administration. Bitcoin and the whole of the crypto market can play a very important role considering the current geopolitical situation emerging from the ongoing Russia-Ukraine war crisis.
Recently, commodity prices have been on the rise with Gold taking a center stage. On the other hand, risk assets like Bitcoin and equity have witnessed major downside. However, as per on-chain data provider Santiment, crypto discussions continue to gather pace.
🥇🥈 In spite of #gold, #silver, and #preciousmetals being the dominant sector thus far, there haven’t really been signs of an uptick of discussion on #crypto platforms. This is a good sign, as we have historically seen $BTC drop if they get popular. 😌 https://t.co/FAMuMKV7xE pic.twitter.com/3ozOy5xWs4
— Santiment (@santimentfeed) March 8, 2022
In his latest report on Wednesday, March 9, DBS Holdings Group Ltd. Chief Executive Officer Piyush Gupta said that private cryptocurrencies like Bitcoin will continue to emerge as a meaningful store of value. He added:
Regulators and politicians “will be loath to give up control of monetary policy and economic management tools, and will therefore be very circumspect about letting private money grow. Having said this, I do think that private money (crypto) will continue to grow as a meaningful store of value, much like gold is today.”
Altcoins Follow With Terra’s LUNA leading
The bounce back in the altcoin space is quite similar to that of Bitcoin. Ethereum (ETH) is up 6% and is currently trading at $2,708 levels with a market cap of $324billion.
Terra’s LUNA is leading the altcoin market rally with a solid 18% gain. As of press time, LUNA is trading at $94. Besides, LUNA has also shown strong resilience during the recent market turmoil thereby giving strong returns to investors. Analysts are expecting that LUNA can move past $100 and possibly touch a new all-time high.