Terra’s price hit another record high after the Luna Foundation Guard (LFG) made a series of major Bitcoin purchases.
Terra (LUNA) price rose to an all-time high of $105.91 on the Binance exchange earlier today. The cryptocurrency has gained more than 10% in the last 24 hours. It currently ranks eighth by market cap (just behind Cardano).
Singapore-based Luna Foundation Guard (LFG) purchased $135 million worth of Bitcoin on Monday, according to a recent report by Bloomberg. It has been confirmed that the address associated with the foundation currently holds approximately $1.32 billion worth of Bitcoin.
News started circulating last week that Terra had purchased Bitcoin as a reserve asset. Speculation about the size of the purchases is proving to be one of the main bullish catalysts, pushing the price of the largest cryptocurrency up. Because of this, many began to think that Terra alone carried the ongoing rally on his shoulders.
As reported by U.Today, Bitcoin price has recently surpassed the $48,000 level for the first time in months.
On February 22, Terraform Labs founder and CEO Do Kwon announced his intention to increase the size of Bitcoin reserves to $10 billion. However, the technical infrastructure to realize this is not yet available.
LFG decided to create a Bitcoin-denominated reserve in early February to support the UST.
42027
