@BitcoinBaby 28 March 2022 more from that month

So why this sudden surge of BTC and all coins that follow the market : 1. Terra Buying Bitcoin It goes without saying that Do Kwon’s Terra seems to be the primary catalyst for the recent increase in Bitcoin’s price as their BTC buys keep coming in. As CryptoPotato reported earlier last week, Do Kwon – the co-founder and CEO at Terraform Labs – the company behind the Terra protocol – revealed intentions to buy a whopping $10 billion worth of Bitcoin over time. While many didn’t take this seriously, Kwon also said that they “have $3B funds ready to seed this reserve.” 2. Supply is Getting Thinner Commenting on the above was popular cryptocurrency proponent, and industry commentator Pentoshi, who outlined the following in relation to Terra’s Bitcoin buys: 2.5-3k BTC per day of supply removed over a long period of time = huge impact. Those who are short have to cover higher at some point as supply itself dissipates. What is scarce, becomes more so. This clip can bring back the apes, in which Do Kwon is the lord of the Apes. In essence, what the analyst is talking about is the concept of a supply shock where the demand heavily outweighs the supply, essentially squeezing the price up. In addition, market data showed that bears were underprepared for this move. As we reported earlier today, Bitcoin’s volatility wiped over $410 million worth of liquidations in the past 24 hours, and about 80% of these were short positions. 3. Overall Market Sentiment Turned Positive Bitcoin, as well as the entire cryptocurrency market by extension – remain largely correlated with Wall Street, as much as native proponents would like to detach. Over the past five days, some of the largest indices in the US – including the S&P 500, Nasdaq, and the Dow Jones Industrial Average – are all trading in the green. Source: https://cryptopotato.com/3-possible-reasons-for-bitcoins-sruge-above-47k/ #crypto