Crypto market gained $200B in the last 12 hours

The global cryptocurrency market caprecovered above US$2 trillion since dropping below the mark in mid-February, in a US$200 billion 12-hour run.

Fast facts

• Bitcoin’s price jumped over US$2,000 in a 10-minute window from 6:30 am HKT Tuesday to mark a ceiling of US$44,198 before tracing down to US$43,421, as of press time.
• Bitcoin is up 15.6% in the past 24 hours.
• The price action coincided with historically neutral Switzerland’s announcement that it would impose sanctions on Russia.
• The invasion of Ukraine triggered a sudden sell-off in traditional and crypto markets, but Bitcoin has taken on new roles such as donations and forms of exchange when banking services have been limited.
  
• Terra saw the largest gains among the crypto top 10, gaining 25% in that time frame, overtaking Cardano and Solana to take the seventh position based on market cap.
• Terra has been on a price surge and is trading up almost 90% of what it was just over a week ago, trading at US$90.81 at press time.

by Lachlan Keller