BTC price almost clears $43.5K with Terra $125M Bitcoin buy-ins gathering pace

bitcoin (BTC) returned to $43,000 on March 24 as new purchases of the Terra Blockchain protocol fueled optimism.

BTC purchases keep coming

Data of Markets Cointelegraph Pro and TradingView showed BTC/USD attempting to break out and secure its highest levels in weeks on Thursday.

The pair had consolidated the day before, sideways action on lower time frames giving way to “grinding” to the upside, taking Bitcoin to $43,492, a price last seen on March 3.

Terra, who had become a focus of attention about plans for a giant $10 billion BTC allocation, he had sent to Tether (USDT) from his supposed wallet worth nearly $750 million at the time of writing.

Terra's co-founder, Do Kwon, had initially given a $10 billion goal for backing the firm's new US dollar stablecoin, followed by $3 billion in a interview over the weekend, but on Tuesday he reconfirmed that the ultimate goal was $10 billion.

Not 10B today: As the UST money supply grows, a portion of the seigniorage will go towards building BTC reserves tied to the Terra chain.

We have 3B funds ready to seed this reserve, but the technical infrastructure (bridges, etc.) is not ready yet.

— Do Kwon (@stablekwon) March 22, 2022

However, with liquidity seemingly arriving, the mood among traders was moving towards confidence along with the spot price.

The popular Credible Crypto Twitter account, in particular, targeted those hoping to buy at levels below $40,000.

under 40k $BTC sellers are sweating right now as they are rolling out $125 million worth of fiat chunks of BTC 10% higher than where they sold. https://t.co/rQVNMoV6Yb pic.twitter.com/dDa0brpiWs

— Credible Crypto (@CredibleCrypto) March 24, 2022

“2.5-3k$BTC per day of supply removed for a long period of time = huge shock”, Trader Pentoshi aggregate on Terra inflows vs Bitcoin fixed supply.

Pentoshi went on to say that such a move could again spark attention among potential investors in an atmosphere where overall consumer interest in Bitcoin is at macroeconomic lows. He summarized:

"Those who are short have to cover more at some point as the supply dries up. What is scarce, becomes more scarce. This clip can bring back the apes, in which (Kwon) is the lord of the apes".

President of El Salvador comes out fighting amid US threat

Elsewhere, news that El Salvador had allegedly delayed the launch of its so-called "Volcano Bonds" with Bitfinex as of September did not seem to sour the mood.

Related: Here's Why Bitcoin Bulls Will Defend $42K Ahead of Friday's $3.3B BTC Options Expiration

With a $1.5 billion interest rumored to be vying for the $1 billion ten-year bond offering, El Salvador's President Nayib Bukele kept his voice on social media as US lawmakers stepped up steps to investigate adoption. of Bitcoin in the country.

The United States government does NOT defend freedom and that is a proven fact.

So we will defend freedom.

Game on!#bitcoin it's FU money! https://t.co/1lwSM8s6OX

- Nayib Bukele (@nayibbukele) March 24, 2022

Previous estimates he had set the bond release schedule as of sometime in mid-March.