Terra added an additional $230 million to its BTC holdings.
Cryptocurrency rules are going to be tightened by governments throughout the world.
The aggressive investors that purchased the breakout trade may have been caught in the recent tumble from the $45000 barrier. Current BTC prices are $42645, and a weekly candle close below $40,000 has been teased.
On the other hand, the coin chart shows a rising wedge formation that may limit the amount of loss during this downturn. Famous analyst Lark Davis tweeted about multiple ideas which could drive Bitcoin prices to $100,000 in 2022.
This week, Terra added an additional $230 million to its BTC holdings despite a drop in the cryptocurrency’s value to $44,000. According to him, being open and honest with their community about the decision-making process is critical, which is why he discloses his intentions to acquire BTC in advance irrelevant of enabling prospective frontrunners to inflate its value of it artificially.
Global Adoption Rises
This might be an opportunity for the Grayscale Bitcoin Trust (GBTC), which is now structured as an index fund, to be converted to a spot bitcoin ETF since a few Spot Bitcoin ETFs are approved by the SEC, including Teucrium.
Cryptocurrency rules are going to be tightened by governments throughout the world. The scale and rapid expansion of the crypto markets have been recognized, particularly by the United States government. While El Salvador was the first nation to legalize Bitcoin in 2021, more countries are following suit as the cryptocurrency grows in popularity. Zahidi Zainul Abidin, Malaysia’s Deputy Minister of Communications and Multimedia, recommended to parliament earlier this month that the country should likewise legalize Bitcoin. Mexico, Portugal, and Honduras all follow a similar suit.
The combination of all of these factors may undoubtedly lead to a supply crisis, which might lead to even higher prices. As a result, there is a high possibility that the price of Bitcoin can reach $100,000 by the end of 2022.