Here are three possible reasons why Bitcoin is up 10% over the past week 📈
Bitcoin has risen by 10% over the past week — with the world's biggest cryptocurrency accelerating to $44,651 at the time of writing.
First, the foundation that runs UST — an algorithmic stablecoin on the Terra blockchain — has said that it plans to hold BTC worth $3 billion in reserve, dramatically ramping up demand for the cryptocurrency. "UST with $10 billion in BTC reserves will open a new monetary era of the Bitcoin standard. P2P electronic cash that is easier to spend and more attractive to hold."In other developments, a prominent Russian politician has suggested that the country may start accepting BTC as payment for oil and gas.
European Central Bank President Christine Lagarde confirmed that digital assets are being used to evade sanctions imposed on Russian individuals — and even suggested that crypto exchanges may be "accomplices" in these crimes.Friday also saw the threat of restrictions on Proof-of-Work blockchains such as Bitcoin disappear in Europe.
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