Bitcoin (BTC), which was $43,000 at the time of writing, has returned to $43,000 as new transactions by Blockchain protocol Terra fuelled optimism.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
The BTC continues to buy
TradingView and Cointelegraph Markets Pro data showed that BTC/USD was trying to crack and reach its highest levels in weeks on Thursday.
The pair had consolidated the day before, with sideways action on shorter timeframes giving place to a “grind upwards,” which brought Bitcoin to $43,492 — a last seen price March 3.
Terra, the focus of attention due to its plans for a $10 billion BTC allocation, had sent USDT (Tether) from a supposedly $750 million wallet at the time.
Do Kwon (terra co-founder) had initially set a target of $10 billion for backing the firm’s new U.S. dollars stablecoin. He then added $3 billion in an interview over the weekend. However, Do Kwon confirmed that the final goal was $10 billion on Tuesday.
It is not 10B right now – as UST money supplies grow, a portion will be used to build Terra chain BTC reserves. We have 3B funds available to seed this reserve but the technical infrastructure (bridges etc.) is not yet ready.
— Do Kwon (@stablekwon), March 22, 2022
Although liquidity was seemingly flooding in, traders were beginning to feel more confident than spot price.
Popular Twitter account Credible crypto targeted those looking to invest below $40,000.
As $125 million dollars worth of fiat is being transferred into BTC, 10% more than they were sold, sub 40k $BTC traders are reeling. https://t.co/rQVNMoV6Yb pic.twitter.com/dDa0brpiWs
Credible Crypto (@CredibleCrypto), March 24, 2022
Pentoshi said that Terra buy-ins were a great way to increase Bitcoin’s supply.
Pentoshi stated that such an action could bring attention to potential investors in an environment where Bitcoin’s mainstream appeal is low. He summarized his thoughts:
“Those who are short must cover more at one point or another as the supply of supplies diminishes. The more scarce the material, the more it becomes. This clip can help to bring back the Apes. (Kwon is the Lord of the Apes).
President of El Salvador comes out fighting against U.S. threats
Elsewhere news of El Salvador reportedly pushing back the release its so-called Volcano bonds with Bitfinex to September didn’t seem to dampen the mood.
Related: Why Bitcoin bulls will defend $42K before Friday’s $3.3B BTC options expiry
The US increased its investigation into El Salvador’s Bitcoin adoption, with $1.5 billion in interest being rumored to be competing for the $1billion ten-year bond offering.
The US government does not stand for freedom, and this is a well-known fact. We will continue to stand for freedom. Let’s get on the board! #Bitcoin can be your money! https://t.co/1lwSM8s6OX
— Nayib Bukele (@nayibbukele) March 24, 2022
Prior estimates had indicated that the bond release timeline would begin sometime in March.
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