Bitcoin (BTC), which is a cryptocurrency, showed signs of wanting to rise on March 22, when Wall Street trading saw a return over $43,000.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Terra founder: “Most of” $3 billion not yet purchased
Data from TradingView and Cointelegraph Markets Pro followed BTC/USD as the pair continued to make new highs of three weeks.
Although the pair had already seen positive macro signs from China, it was the news from within that set the pace for the day.
Do Kwon, the co-founder of Blockchain protocol Terra and infamous Bitcoin pundit Udi Valueheimer revealed in a Twitter Spaces conversation that he intended to support his TerraUSD (UST stablecoin) with BTC as well as Terra’s LUNA token.
“Haven’t been following-up with the exact numbers ‘cause transactions are generally done over OTC. But the current clip we have to purchase big coin is approximately $3 billion and will increase that,” he said to Wertheimer regarding Terra’s BTC acquisition plans.
“But of those 3 billion, the majority of it we haven’t bought yet.”
These comments set the market ablaze as word spread. Sleuths sought $125 million in Tether ($USDT), allegedly tied to Terra.
At current prices, a $3 billion purchase would equal approximately 69.850 BTC. This would make Terra a bigger Bitcoin holder than any corporate investor, except MicroStrategy with its 125.051 BTC stash. Data from monitoring resource Bitcoin Treasuries shows that Terra is the largest.
Kwon admitted that he said more than he shoulda during the conversation at the weekend.
Luke Martin, host on the WAGMI podcast, responded by saying that Terra’s was “a narrative worth paying attention”
A $BTC narrative worth paying attention to: >3 days ago @stablekwon shares plans to buy $3B in $BTC as a reserve asset in Udi’s twitter space >tweets “I said more than I shoulda” >traders notice the first $125million has been moved pic.twitter.com/0fFxYHXa4A
— Luke Martin (@VentureCoinist), March 22, 2022
Social media is not aware of sky-high BTC forecasts
Bitcoin traders were buoyant on March 22nd, with bullishness still difficult to achieve after months of price volatility.
Related: Bitcoin Hash Rate may See a Small Capitulation with a New All-Time High in Efficacy
“If Bitcoin can maintain those levels, it seems that we are getting a period with some relief rallies across the markets. Would be good,” Cointelegraph contributor Michael van de Poppe concluded.
Anbessa, another trader, provided the immediate outlook for BTC/USD, which was based on either a bearish or bullish next reaction.
Update to #Bitcoin Gameplan: Respecting ascending trendline Support Respecting potential bear flag supports Red projection only if the price falls below bearflag. This chart will help you to be patient. pic.twitter.com/ZzlrycUz0u
— ANBTCESSA (@Anbessa100) March 22, 2022
Cointelegraph reported earlier on the push to $43,300 and liquidating a large number of short positions.