(Bloomberg) — Bitcoin climbed to more than $44,000 for the first time in almost a month, breaking out of its recent narrow trading range amid a renewal of risk appetite.
While the increase closely mirrored gains among U.S. equity indexes, the largest cryptocurrency by market value was also bolstered by speculation that Russia is mulling accepting it for payments and that the operator of the Terra blockchain is buying the digital token as a reserve.
A Russian official mentioned Bitcoin when talking about what currencies the nation might accept as payment for oil and other resources during a press conference, CoinDesk reported.
Do Kwon, the co-founder and chief executive officer of the firm behind the Terra blockchain, tweeted Tuesday that the Luna Foundation has $3 billion funds “ready” to fund reserves.
Twitter Crypto is speculating that an Ethereum wallet that may be associated with Terra has sent more than $350 million of Tether out to potentially purchase Bitcoin.
Do Kwon did not immediately respond to a request for comment.
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