The Crypto Report: Cryptocurrencies rally with confidence remaining in the broader market

Cryptocurrencies recovered some lost ground, with Bitcoin going above US$30,000, a sign confidence may not have been knocked too much by Terra's and Luna’s crash.

Bitcoin, the largest coin by market cap, rallied 13% to go to US$30,434, recovering from a low of US$26,000 yesterday.

Ethereum also surged 13%, climbing to US$2,100. The coin had dipped well below US$2,000 in the last 24 hours, to as low as US$1,700.

According to Ipek Ozkardeskaya, a senior analyst at Swissquote, “the dust seems to be settling in cryptocurrencies”.