Bitcoin has surged over 7% as cryptocurrencies rebounded following a $150 billion liquidations in the wake of the Russian aggression against Ukraine.
Bitcoin has surged to trade at $38,439, with recorded highs of more than $39,000 in the past day. The token had dipped to about $34,338.57.
The bullish sentiment has seen the altcoins, including ether and XRP, also jump by double-digits in the same period.
The Vice President of Luno, Vijay Ayyar, notes that the rebound is attributed to investors who went short on cryptocurrencies to mitigate downside risks.
BTC has recently seen an increasing correlation with equities amid rising interests from institutional investors and short-term investments that mirror stocks.
Traders short bitcoin by purchasing futures contracts that speculate on a lower price than when they bought the contract. The positions normally have an expiry period.