Bitcoin price returned to $43,000 as new purchases by Blockchain protocol Terra fuelled optimism

Bitcoin price returned to $43,000 today, March 24, as new purchases on the Terra blockchain fueled optimism.


BTC/USD 4-hour chart | Source: TradingView

A new wave of buying continuously appeared pushed up the Bitcoin price

The BTC/USD trading pair is attempting to break and secure its highs in weeks on Thursday. The pair had consolidated a day earlier, sideways action on lower timeframes giving way to a rally, taking Bitcoin to $43,492 – a price is last seen on March 3.

Terra, which has become the center of attention because of its massive $10 billion BTC allocation scheme, has deposited nearly $750 million worth of Tether (USDT) at press time. Terra co-founder Do Kwon initially set out a $10 billion goal to back the company’s new US dollar stablecoin, followed by $3 billion in an interview over the weekend, but on Tuesday reconfirmed that the ultimate goal is $10 billion.

With massive liquidity pouring in, traders’ sentiment is becoming absolute confidence. Popular Twitter crypto analyst Credible Crypto explicitly targets those hoping to buy under $40,000.

Elsewhere, it was reported that El Salvador had moved the issuance date of the “Volcano Bonds” with Bitfinex to September. However, this news did not affect the mood of traders.

With $1.5 billion in interest rumored to be vying for $1 billion in 10-year bonds, El Salvador President Nayib Bukele has remained vocal on social media as US lawmakers push ahead measures to investigate the country’s Bitcoin adoption. As of now, it is estimated that the bond issue date is sometime in mid-March.

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