Originally published on: March 22, 2022
Bitcoin made a strong comeback on Wall Street, surpassing $43,000 on March 22 in a bullish move supported by positive macro signals from China. However, what truly ignited the market was the news of Terra’s co-founder, Do Kwon, announcing plans to back the TerraUSD stablecoin with Bitcoin. Kwon revealed that Terra is looking to acquire a whopping $3 billion worth of BTC in addition to its token LUNA.
This revelation sent shockwaves through the market, with $125 million in Tether already on the move, potentially linked to Terra’s ambitious Bitcoin purchase. If Terra goes through with the $3 billion buy-in, it will become one of the largest Bitcoin holders globally, second only to MicroStrategy.
The cryptocurrency community buzzed with excitement over Terra’s bold move, with traders and analysts closely monitoring Bitcoin’s price action. Despite months of sideways movement, Bitcoin traders welcomed the positive news, anticipating relief rallies across markets.
As the market reacts to Terra’s game-changing announcement, Bitcoin’s future remains uncertain. However, traders like Michaël van de Poppe remain optimistic, foreseeing potential relief rallies if Bitcoin sustains its current levels. The immediate outlook for BTC/USD hinges on how the market reacts to Terra’s massive Bitcoin purchase.
Stay informed about Bitcoin’s latest developments and market trends by subscribing to our newsletter. Gain critical insights, spot investment opportunities, and refine your trading strategies with our expert analysis delivered every Monday. Don’t miss out on essential updates to stay ahead in the fast-paced world of cryptocurrency trading!
