Bitcoin Rallies Past Terra Crash Level in Win for Bruised Bulls

Rises to highest level in 18 months, before Terra collapse
Spot BTC ETF see chance at 90% by Jan 10: Bloomberg analysts

Bitcoin gained as much as 3.6% to $36,856 on Thursday in Asian hours, the highest level since May 2022. — Bitcoin gained as much as 3.6% to $36,856 on Thursday in Asian hours, the highest level since May 2022.
Photographer: Valeria Mongelli/Bloomberg

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By Sidhartha Shukla and Suvashree Ghosh

November 9, 2023 at 6:29 AM UTC

Updated on

November 9, 2023 at 5:10 PM UTC

This article is for subscribers only.

It took just over 18 months, but Bitcoin is finally back to where it traded before the event that precipitated the last crypto crash.

The dominant cryptocurrency rose as much as 6.7% to $37,973 on Thursday before paring the gain. That was the highest since May 5, 2022 — just before the TerraUSD stablecoin collapsed and ignited a daisy chain of failures across the cryptoasset space. Bitcoin completed its full recovery from that debacle almost exactly to the year after the rout reached its nadir when Sam Bankman-Fried’s exchange FTX filed for bankruptcy.