The Bitcoin price fell to $41K, the lowest threshold as of 23rd March, at 00:23 UTC on the Bitstamp exchange.
Bitcoin 2022 Conference in Miami Failed to Push BTC’s Price
There was no significant impact on the BTC price from the recent BTC 2022 conference in Miami last week. Ross Gerber called the summit “troubling,” noting that it was “not a good look” for the sector in one of the latest Twitter posts. People who work in wealth and investment management said the BTC 2022 conference ended up being “troubling.” They also said it was not an excellent appearance for the cryptocurrency world.
Terra’s BTC Purchase Fails to Increase Its Price
After consistently struggling to find a foothold over the $47K barrier in early April, BTC has dropped by around 9 percent in the last week. Terra’s $176M BTC buy on 10th April, according to U.Today, was unable to boost the value of the leading cryptocurrency, BTC.
The LFG, a non-profit organization, located in Singapore dedicated to advancing the Terra blockchain, purchased another $176M in BTC on Sunday. Luna Foundation Guard currently owns about $1.7B in the most valuable cryptocurrency. The significant BTC holdings are intended to support the local UST, rendering it simpler to keep its USD peg amid periods of significant market instability.
The price of BTC was unaffected by the latest acquisition. Within the past 24-hours, the token has successfully gained 1.43 percent. Luna Foundation Guard’s BTC purchasing frenzy began later in February, after a $1B LUNA offer to fund a stablecoin store in the world’s biggest cryptocurrency.
The CEO of Gerra, Do Won said in a tweet that Terra plans to purchase about $10B worth of BTC to earn the spot as the leading cryptocurrency’s sole largest holder. Foundation Guard also purchased AVAX coins for $100M earlier last week, according to U.Today. Most of the leading altcoins have underperformed BTC over the last seven days, with SOL and LUNA losing 19 percent and 22 percent, respectively, during the last week.
Bitcoin is among the coins that continue to trade in the green. Notwithstanding the tiny increase from 2 days ago, it has dropped by 9 percent in the last week. Bitcoin has been unable to hold over $44K, implying that buyers will require more time to build up power for further gains.
The decreased selling trading volume also supports this assertion. If bulls can retain the crucial $40K level, the bullish outlook remains viable. A decline to the $32,871 support level is probable in another scenario. At the time of writing, Bitcoin was trading at about $41K.