BTC price surpasses nearly $43.5K as Terra Bitcoin buy-ins gain $125M momentum

Bitcoin (Bitcoin) returned to $43,000 on March 24 as fresh buying through blockchain protocol Terra fueled optimism.

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

The BTC purchases continue

Data from Cointelegraph Markets Pro and trading view showed BTC/USD attempting to scale and secure the highest levels in weeks on Thursday.

The pair had consolidated the day before, sideways movement on lower time frames giving way to a grinding higher, taking bitcoin to $43,492 – a price last seen on March 3.

Terra that had become one focus of attention on plans for a huge $10 billion BTC allotment, Tether (USDT) from his supposed wallet worth nearly $750 million at the time of writing.

Terra co-founder Do Kwon initially gave one $10 billion goal for backing the company’s new US dollar stablecoin, followed by $3 billion in one interview over the weekend but reconfirmed Tuesday that the ultimate goal is $10 billion.

However, with liquidity seemingly pouring in, sentiment among traders tilted towards confidence along with the spot price.

Popular Twitter account Credible Crypto specifically targeted those hoping to buy in below $40,000 levels.

“$2.5-3,000 BTC per day of supplies removed over a long period of time = huge impact,” according to trader Pentoshi added about the Terra buy-ins versus Bitcoin’s fixed supply.

Pentoshi went on to say that such a move could rekindle the attention of potential investors in an atmosphere where mainstream consumer interest in Bitcoin is at a macro low. He summarized:

“Those who are scarce will eventually have to cover higher as supplies are depleted. What is scarce becomes more. This clip can bring back the monkeys where (Kwon) is the lord of the monkeys.”

The President of El Salvador is fighting amid the US threat

Elsewhere, news that El Salvador allegedly had pushed back the release of its so-called “Volcano Bonds” with Bitfinex through September didn’t seem to dampen sentiment.

Related: This is why bitcoin bulls will defend $42,000 ahead of Friday’s $3.3 billion BTC options expiry

With $1.5 billion in interest reportedly vying for a $1 billion ten-year bond offering, El Salvador President Nayib Bukele remained vocal on social media, as the US -Legislators escalated action to investigate Bitcoin adoption in the country.

previous estimates had set the schedule for issuing the bond for mid-March.