Bitcoin’s Price Clears $43K With Terra’s $125B Buy-ins Enhancing

Bitcoin’s price clears $43K level while the third tranche of USDT left the wallet to hold the funds earmarked to buy at least $3 billion of BTC. Bitcoin returned to $43,000 after a new purchase by Blockcian protocol Terra brought on some optimism and the BTC buys keep on coming as we can see in our latest Bitcoin news.

The data from TradingView showed that bitcoin’s price clears the $43K level and  BTC/USD trying to crack and secure its highest levels during the week. The pair consolidated a day before and the sideways action on the low timeframes gave way to a grind upwards that took BTC to $43,492 which is a price last seen at the beginning of March. Terra became a major focus of attention over plans for a $10 billion BTC allocation which sent Tether from its wallet worth almost $750 million.

Sub 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

Terra’s co-founder Do Kwon gave a $10 billion target for backing the company’s US stablecoin followed by $3 billion but then reconfirmed that the goal was set at $10 billion. With the liquidity pouring in, the mood among traders was edging towards confidence along with the spot price. The Twitter account Credible Crypto took aim at those that hoped to buy in at levels below $40,000. The $3K BTC per day of supply removed in a long period results in a huge impact according to trader Pentoshi who commented on the Terra buy-ins against BTC’s fixed supply.

Pentoshi continued that this move could reawaken the attention among the new investors in an atmosphere where the mainstream consumer interest in BTC hits a macro low:

“Those who are short have to cover higher at some point as supply itself dissipates. What is scarce, becomes more so. This clip can bring back the apes, in which (Kwon) is the lord of the Apes.”

where is the $10bil coming from?

— Adam Back (@adam3us) March 22, 2022

The news that El Salvador pushed back on the release of its volcano bonds did not improve the mood. With a $1.5 billion interest to be vying for the $1 billion bond offering, El Salvador president Nayib Bukele remained vocal on social media as the US regulators escalated the measures to investigate the bitcoin adoption in the country.

Many times Bitcoin has been called “digital gold” and the world’s biggest crypto now seems to be mimicking stocks. According to the data from the crypto market info provider Arcane Research, Bitcoin’s S&P 500 correlation reached a new high and it is the highest one since October 2020 when BTC started its ascent back above $20,000.