For the first time since mid-June, bitcoin is on track to close out a week without dipping below the psychologically vital $20,000 mark, and spent most of the week above $22,000.
In this crypto market, that’s something of a victory.
Not much of one, mind you, as crypto is still deep in the red. Bitcoin was down as much as 75% since nearing $69,000 in November and has given back all the gains of the 2021 bull market. But for now, the near panic that has crushed the broader crypto market since it was spooked by the $48 billion collapse of the Terra/LUNA stablecoin ecosystem in May seems to have receded.
See also: Unbacked Stablecoin’s Collapse Lost $48B; Crypto Says ‘Let’s Launch Two More’
What’s interesting is why it all happened.
To begin with, the biggest influence on bitcoin this week was actually news about another cryptocurrency, No. 2 ether.
The Ethereum blockchain hit a gigantic milestone, with developers setting a September date for the “merge” that will turn it into a far...
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