Crypto News today - 3 Possible Reasons for Bitcoin’s Sruge Above $47K

Crypto News today - 3 Possible Reasons for Bitcoin’s Sruge Above $47K
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.”
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
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.
Overall Market Sentiment Turned Positive
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.
What is more, tech companies like Tesla are also charting considerable gains. TSLA stock is up for the 9th consecutive day, increasing by a whopping 35% in the same period.