Bitcoin Briefly Reclaims $32K for First Time in Three Weeks

Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization, saw a 5% jump in price in the last 24 hours as the crypto market struggles to recover from the spectacular crash following the collapse of the TerraUSD stablecoin, with Bitcoin briefly reclaiming $32,000 before falling again.

Currently, Bitcoin is trading at $31,790 per coin, up by $1,090 in the last 24 hours. Today marks a three-week high for Bitcoin; the last time Bitcoin was over $32,000 was May 9, according to data from CoinMarketCap.

The price of Ethereum has seen its price fall below $2,000 several times since May 21. Currently, Ethereum is trading at $1,942, up by $20.50 according to CoinMarketCap.

The price of Ethereum continues to hover just over $1,940 as it readies for “The Merge,” a long-planned blockchain upgrade set for August that will transition Ethereum from a power-hungry proof-of-work system to a more environmentally friendly proof-of-stake mechanism.

Across the board, the cryptocurrency market has been in a slump since March 8, when TerraUSD lost its peg to the U.S. dollar. Despite seeing green today, Bitcoin is down 53% from its all-time high of $68,789 on November 10, and Ethereum is down 60% from its all-time high of $4,891 on November 16.