Terra (LUNA), a decentralized finance (DeFi) altcoin, hit an all-time high today. Also, recently, Luna Foundation Guard (LFG) came to the fore with the purchase of Bitcoin. Here are the details…
Luna Foundation bought Bitcoin
According to a recent report by Bloomberg, Singapore-based Luna Foundation Guard (LFG) bought $135 million worth of Bitcoin on Monday. It has been confirmed that the address associated with the foundation currently holds approximately $1.32 billion worth of Bitcoin. The wallet holds 27,784 BTC. As Cryptokoin.com has previously reported, rumors began to circulate last week that Terra purchased Bitcoin as a reserve asset. On-chain analysts began noticing acquisitions associated with the nonprofit, but there was no official confirmation.
Speculation about the size of purchases is proving to be one of the main bullish catalysts, raising the price of the largest cryptocurrency. However, of course, no definite reason for the latest rise of BTC can be put forward. Because of this, many began to think that Terra alone carried the ongoing rally on his shoulders. On February 22, Terraform Labs founder and CEO Do Kwon announced his intention to increase the size of Bitcoin reserves to $10 billion. However, he stated that the technical infrastructure to realize this is not yet available.
LUNA price made ATH
Kwon claims that Bitcoin has already proven itself, so he finds it hard for someone in the cryptocurrency industry to question it. UST became the first cryptocurrency to adopt the Bitcoin standard. LFG decided to create a Bitcoin-denominated reserve in early February to bolster the value of the UST stablecoin by keeping the cryptocurrency’s dollar stablecoin intact.
Meanwhile, Terra (LUNA) price hit an all-time high of $105.91 on Binance earlier today, as can be seen in the chart above. The cryptocurrency has risen more than 10 percent in the last 24 hours. It ranks eighth by market cap, just behind Cardano.
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