Bitcoin continues to trade around $39,000 despite the brief price drop below $38,000. LUNA is up by 8% in a day.
Bitcoin briefly slumped to a weekly low beneath $38,000 but reclaimed all lost ground and returned to a familiar level of around $39,000. The altcoins are slightly in the red today, with a few exceptions, such as Terra.
Bitcoin Saw a Weekly Low
In the middle of last week, bitcoin initiated a surprising leg up after Biden’s executive order on cryptocurrency regulations and skyrocketed to nearly $43,000. However, this trip north was short-lived, and the bears came back to the scene.
In the following hours, BTC lost more than $3,000 and dropped to $39,000. Since then, the asset has remained relatively stuck around that line with only a few brief price pumps and dumps.
The latest example came hours ago when the primary cryptocurrency fell by $1,500 to its lowest price position since March 7 at $37,500. Nevertheless, it bounced off and now stands around $39,000 once again, after Tesla’s CEO Elon Musk said he has no plans to dispose of his BTC, ETH, and DOGE positions.
As such, bitcoin’s market capitalization has remained just under $750 billion.