Bitcoin resumed its newfound confident gallop to three-week highs, according to data from TradingView and Cointelegraph Markets Pro.
The pair had already risen as a result of positive macroeconomic data from China; however, it was news from within the country that really set the tone for the day.
Do Kwon, co-founder of Terra, a blockchain protocol, revealed his plans to support his new Terra stablecoin with Bitcoin in conjunction with Terra’s LUNA token in a Twitter Spaces debate with notorious Bitcoin critic Udi Wertheimer.
Moreover, Do Kwon informed Wertheimer of Terra’s BTC acquisition intentions. He said that they haven’t been following up with the specific amounts because transactions they normally do this over OTC; however, the current clip that they have to acquire the huge coin is approximately $3 billion.
As news spreads, investigators examined $125 million in Tether, which appeared to be linked to Terra, which was already on the move.
At current prices, a $3 billion buy would equal about 69,850 BTC. Terra would be the largest Bitcoin holder in the world, surpassing every corporate investor except MicroStrategy, which has 125,051 BTC in its wallet, according to data from the Bitcoin Treasuries monitoring service.
The attitude among Bitcoin dealers was so upbeat on March 22, despite the fact that full-fledged bullishness was still difficult to come by after months of sluggish price activity.
Michael van de Poppe, a Cointelegraph contributor mentioned, “If Bitcoin can sustain those levels, it seems to me that we’re getting a period of some relief rallies across markets. Would be good.”
In the meantime, Anbessa, a fellow trader, gave the BTC/USD an immediate view based on a negative or bullish reaction.
Furthermore, On Tuesday, Bitcoin hit its highest level in over three weeks, expanding its gains since Russia’s invasion of Ukraine and supporting smaller virtual coins such as Ethereum.
Bitcoin climbed 5.6 percent to $43,337, its highest point since March 3, and was up 3.6 percent at the time of writing. The second-largest virtual currency, Ethereum, increased by 5.4 percent to its peak point since February 17.
The original coin has climbed more than 26 percent since its intra-day low of $34,324 on February 24, when Russia invaded Ukraine. Its comeback has mirrored, but to a greater extent, stock market gains.
There were no specific news reasons for the rise, according to analysts, who cited reluctant excitement for riskier assets as a cause for the increases.
Despite this, cryptocurrency investment funds and products saw net outflows for the second week in a row, according to digital asset management CoinShares.
Crypto investment funds and products had net outflows for the second week in a row, according to a study released on Monday by digital asset manager CoinShares, citing concerns about regulation and the potential consequences from the Russia-Ukraine crisis.
The sector experienced net outflows of $47 million in the week ending March 18, down from $110 million the week before. Prior to the previous two weeks, digital asset investment products had received inflows for seven weeks in a row.
The outflows occurred in the midst of continuing efforts to regulate cryptocurrency. President Joe Biden recently issued an executive order ordering the government to study the dangers and advantages of developing a central bank digital currency, as well as other crypto-related issues.
According to the research, Bitcoin saw the greatest outflow of $33 million in the most recent week, following prior outflows of $70 million. Nevertheless, year-to-date flows were positive at $63 million.
At the same time, Ethereum-based goods had outflows of $17 million, a decrease from the previous week’s outflows of $50 million. According to analysts, Ether continues to face unfavorable investor sentiment, with outflows of $151 million, or 1.2 percent of total assets under management, so far this year.
Other altcoins, such as Polkadot, Ripple, and Solana, had inflows at this time.
During this week, blockchain-linked stock investment products had net inflows of $17 million, which was an increase from $4 million the week before.
CoinShares and Grayscale, the world’s two largest digital asset managers, saw their assets under management fall from its highs to $3.7 billion and $37.25 billion, respectively.