Bitcoin Is Too Hot to Handle, Roars Past $46,000

According to Yahoo Finance, Bitcoin briefly blew past its 2022 yearly breakeven point of $47,201, reaching as high as $47,524 before settling back in the $46,850 range by early afternoon Asia time, according to CoinDesk data.

 

Bitcoin has gained over 12% since last Sunday after climbing six consecutive days.

 

In a note published Monday morning Asia time, Singapore's QCP capital pointed to a broader rally in global asset prices as a reason why this "bullish momentum" is likely to continue in the near term.

 

The fund also pointed to the continued bitcoin buys from Luna as a reason for the continued momentum.

 

"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 3 billion USD worth of BTC as a reserve for TerraUSD (UST)," QCP wrote.

 

Ether and most other major cryptos were also blooming. The second largest crypto by market cap followed a similar pattern to bitcoin on Sunday and was changing hands at over $3,250, its highest level since early February. Solana, Cardano and Avalanche, among other altcoins were well into the green. Popular meme coins Dogecoin and Shiba Inu, were up about 6% and 3% respectively.