Bitcoin hovers at $43,000 on Wall Street as fever grows over Terra’s $3B BTC buy-in

Bitcoin (Bitcoin) was still showing signs of targeting higher levels on March 22 when Wall Street trading posted a return above $43,000.

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BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Terra Co-Founder: “Most” $3 billion is still unbought

Data from Cointelegraph Markets Pro and trading view was followed by BTC/USD as it continued its new confident move to a three-week high.

The pair had already won thanks encouraging macro signs from China, but it was news from within that really clocked the day.

In a Twitter Spaces conversation with notorious Bitcoin expert Udi Wertheimer, Do Kwon, co-founder of blockchain protocol Terra, revealed that he was planning to back his new stablecoin TerraUSD (UST) with BTC on top of Terra LUNA Character.

“I haven’t tracked the exact numbers as we generally do the transactions via OTC, but the current clip we need to buy big coins is about $3 billion and will help,” Wertheimer said of Terras BTC acquisition plans.

“But of that 3 billion, we haven’t bought most of it yet.”

These comments set the market on fire as the news broke as sleuths eyes $125 million in Tether (USDT), apparently already connected to Terra in motion.

A $3 billion purchase would equate to about 69,850 BTC at current prices. That 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 disclosed.

“I said more than I should,” Kwon conceded at the weekend after the interview.

In response, Luke Martin, host of the WAGMI podcast, argued that the Terras were a “narrative worth heeding”.

Sky-high BTC price predictions elude social media

Sentiment among bitcoin traders was therefore buoyant on March 22, with prices still lacking an all-round bullish move after months of unrelenting sideways movement in prices.

Related: Bitcoin hash rate could see a “small capitulation” while struggling to hit a new all-time high

“If bitcoin can sustain these levels, it seems to me that we are getting a period of some relief rallies in the markets. Would be good,” Cointelegraph contributor Michaël van de Poppe completed.

Colleague Anbessa, meanwhile, provided the immediate outlook for BTC/USD based on a bullish or bearish next reaction.

Previously, Cointelegraph reported the surge to above $43,300, liquidate a significant number of short positions.