Crypto Flipsider News — Bitcoin Jumps Above $32k; ADA Gains 30%, LUNA Jumps 90%, and Crypto Inflow Hits $87M; 5 Million NFTs Minted on Cardano, Ropsten Prepares for the Merge; Mirror Protocol Suffers $90M Exploit
Read in the Digest:
Bitcoin records biggest daily gain in two months as price touches $32k.
The crypto market rebound: ADA gains 30%, and LUNA 2.0 surges 90% amidst $87 million weekly inflow.
Over 5 million NFTs minted on Cardano — Ethereum’s Ropsten prepares for the Merge.
Ryoshi, Shiba Inu’s (SHIB) founder ghosts, deleting all social media posts.
$90 million hack of Terra’s Mirror Protocol went unnoticed for seven months.
Bitcoin Records Biggest Daily Gain in Two Months as Price Touches $32k
Bitcoin investors were able to breathe a collective sigh of relief after the painful 9-week long downtrend, which saw the world’s largest crypto fall by almost 40%, seems to finally be coming to an end. The price of Bitcoin surged by 9% as cryptocurrency bulls took the reigns early on Monday.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMaketCap
The rare rally saw the price of Bitcoin touch $32k for the first time since May 11th. Bitcoin recorded the upturn during the Asian and European equity markets, despite American markets being closed on Monday.
The 9% rally for Bitcoin marks the leading asset’s biggest daily price rise in two months. The price of the pioneer coin has now stabilized at $31.5k at the time of writing, after recording gains of 3.5% over the last 24 hours.
Glassnode explains that the massive rally could be linked to the weaker position of the dollar. On-chain reports now suggest that Bitcoin investors are “the only ones left”, and they appear to be “doubling down” on their positions as the price of Bitcoin corrects.
- With Bitcoin breaking past the $30,000 level, it is vital that it holds the $29,300 level in the event of a retest to have the best chance of continuing its revival.
Why You Should Care
Analysts believe that Bitcoin is now forming a bottom, which could act as the precursor to the rally Bitcoin investors have been waiting all year for.