Luna Foundation bought $1.5 billion worth of Bitcoin to support stablecoin reserves.
This move brings the Luna Foundation closer to its goal of accumulating $10 billion in Bitcoin to support the UST.
Do Kwon, co-founder and CEO of Terraform Labs, the creator of the Terra blockchain, said he expects to reach the $10 billion target by the end of the third quarter.
The reserve currently holds $3.5 billion in Bitcoin. Additionally, this reserve includes the $100 million Avalanche (AVAX).
Bitcoin Falls
Although the leading cryptocurrency Bitcoin rose above the $40,000 level after the Fed’s interest rate hike, it fell below the $37,000 level due to large outflows.
The asset is trading at $37,053 at the time of writing, according to Binance data.
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