Bitcoin (BTC) hit $43,000 again on March 24as new purchases of the Terra Blockchain protocol fueled optimism.
BTC purchases keep coming
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD pair attempted to break above and secure its highest levels in weeks on Thursday.
The pair had consolidated the day before. Sideways action on lower time frames gave way to a “grinding” to the upside, taking bitcoin to $43,492, a price last seen on March 3..
earthwhich had become a focus of attention for its plans for a gigantic 10 billion BTC allocation, had sent nearly $750 million worth of Tether (USDT) from his alleged wallet at the time of writing.
Terra’s co-founder, Do Kwon, had initially established a $10 billion target to back the firm’s new dollar stablecoinfollowed by 3 billion in an interview over the weekend, but on Tuesday he reconfirmed that the ultimate goal was 10 billion.
It’s not 10B today – as UST money supply grows a portion of the seigniorage will go to build BTC reserves bridged to the Terra chain
We have 3B funds ready to seed this reserve, but technical infrastructure (bridges etc) is still not ready yet.
— Do Kwon (@stablekwon) March 22, 2022
Today it is not 10,000 million: as the UST money supply grows, a part of the currency will go to create BTC reserves bridged to the Terra chain. We have 3,000 million funds ready to plant this reserve, but the technical infrastructure (bridges, etc.) is not ready yet.
However, given the liquidity that seems to be coming in, the mood among traders was leaning towards confidence along with the spot price.
The popular Twitter account Credible Crypto, in particular, targeted those hoping to buy at sub-$40,000 levels..
under 40k $BTC sellers sweating right now as $125 million dollar chunks of fiat are being deployed into BTC 10% higher than where they sold. https://t.co/rQVNMoV6Yb pic.twitter.com/dDa0brpiWs
—Credible Crypto (@CredibleCrypto) March 24, 2022
BTC sellers below $40,000 are sweating right now, as $125 million fiat chunks are unfolding in BTC 10% higher than where they sold. https://t.co/rQVNMoV6Yb pic.twitter.com/dDa0brpiWs
“A removed supply of 2,500-3,000 BTC per day over a long period of time = huge shock,” added the pentoshi trader on Terra purchases versus the fixed supply of bitcoin.
Pentoshi went on to say that such a move could reawaken attention among would-be investors in an atmosphere where bitcoin’s popular consumer interest is at macro lows. Summarized:
“Those who are short have to cover more at some point, as the supply itself dissipates. What is scarce, becomes more scarce. This clip can bring back the apes, in which (Kwon) is the lord of the apes.”
The president of El Salvador goes out to fight amid the threat of the United States
On the other hand, the news that El Salvador would have delayed the release of its so-called “Volcano bonds” with Bitfinex until September did not seem to sour the mood.
Because there is a rumored $1.5bn interest vying for the ten-year $1bn bond offering, El Salvador President Nayib Bukele stood his ground on social media as US lawmakers stepped up measures to investigate the country’s adoption of bitcoin.
The US Government DOES NOT stand for freedom and that is a proven fact.
So we will stand for freedom.
Game on!#bitcoin is FU money! https://t.co/1lwSM8s6OX
– Nayib Bukele (@nayibbukele) March 24, 2022
The United States Government does NOT defend freedom and that is a proven fact. So we will defend freedom. The game is on! Bitcoin is FU money! https://t.co/1lwSM8s6OX
Previous estimates put the bond release timeline at some point in mid-March..
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