Today, Bitcoin is at week-long highs around $43,000 as bulls look at recent activity by certain larger investors.
In the news this week is Terra, a company based in Singapore aimed at doing new things with cryptocurrencies.
“Terra is building a decentralized price-stable cryptocurrency that will gain usage as a means of payment at massive scale through an alliance of large commerce partners across the globe,” write spokespersons. “It will then leverage its scale and network effects to facilitate the development of unbounded financial dApps, growing the real GDP of the blockchain economy.”
The company’s reported 10 billion purchase of Bitcoin is part of upward trends that may sweep the market toward new heights.
“Terra, which had become a focus of attention over plans for a giant $10-billion BTC allocation, had sent Tether (USDT) from its alleged wallet worth almost $750 million at the time of writing,” writes William Suberg at Cointelegraph. “Terra co-founder Do Kwon had at first given a $10-billion target for backing the firm’s new United States dollar stablecoin, followed by $3 billion in an interview on the weekend, but on Tuesday, he reconfirmed that the ultimate goal was $10 billion.”
In fact, some are even positing some form of short squeeze for Bitcoin that is parallel to what’s happening with a lot of retail stocks over the past couple of years.
“Those who are short have to cover higher at some point as supply itself dissipates,” says a trader identified as Pentoshi in Suberg’s coverage. “What is scarce, becomes more so. This clip can bring back the apes, in which (Kwon) is the lord of the Apes.”
Pentoshi talking about Kwon as an “ape” suggests that shorts will have to cover for higher prices if Bitcoin keeps going up.
Keep an eye out for an actual short squeeze on BTC if the coin goes higher this week.
