Bitcoin recovers to $30,000 after longest run of weekly losses since 2011

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Bitcoin, the world's biggest and best-known cryptocurrency, rose 1.7% to $30,425 level where it’s been mostly hovering since the collapse of the TerraUSD algorithmic stablecoin triggered a selloff in cryptos.

Cryptocurrencies have shed around $800 billion in market value earlier this month by a steep drop in prices of digital currencies and the turmoil engulfing TerraUSD and its Luna token.

Monday’s gain came after the largest digital token fell for seven straight weeks, the longest losing streak since August 2011, as per the data compiled by Bloomberg. That mirrored the length of the decline in the S&P 500, underscoring how stocks and crypto remain closely linked.

Ether, the coin linked to the ethereum blockchain network, rose 2.23% to $2,073.73 on Monday.

“If the S&P falls some more, that should create one final flush and a great buying opportunity for Bitcoin," Fundstrat Global technical strategist Mark Newton said. “There’s a lot of bearishness, and we should be approaching a time when you really want to buy into that in the next couple of months."

Crypto crowd dominate Davos main street

Meanwhile, the World Economic Forum (WEF), which typically caters to the financial elite including major banks such as Citigroup to Credit Suisse, is holding panels on cyrptocurrencies' carbon footprint and future and one on decentralized finance.

A free bitcoin pizza stall and a "Liquidity Lounge" were among the treats on offer for attendees at this year's meeting in Davos, where blockchain and cryptocurrency firms have taken over its main street, despite a recent crash in digital coin values.

Executives from the crypto sector have descended on the annual gathering of business leaders and politicians in the Swiss Alpine resort,