Terra (LUNA) Reaches New All-Time High Amid Bitcoin Buying Spree
After Luna Foundation Guard (LFG) conducted a series of large Bitcoin purchases, the price of Terra has reached yet another record high.
On the Binance platform, the price of Terra (LUNA) hit a new all-time high of $105.91 earlier today. Over the previous 24 hours, the cryptocurrency has increased by more than 10%. By market capitalization, it is still in eighth place (just behind Cardano).
According to a recent Bloomberg article, the Singapore-based Luna Foundation Guard (LFG) acquired $135 million worth of Bitcoin on Monday.
It has been established that the foundation’s linked address now possesses around $1.32 billion in Bitcoin.
Last week, rumors began to circulate that Terra was considering purchasing Bitcoin as a reserve asset. On-chain analysts began to notice purchases related with the non-profit, but no formal confirmation was provided.
The price of the largest cryptocurrency rises due to speculation about the scale of the acquisitions, proving to be one of the primary positive triggers. As a result, many have speculated that Terra is carrying the entire rally on its shoulders.
For the first time in months, the price of Bitcoin surpassed $48,000.
Do Kwon, the founder and CEO of Terraform Labs, revealed his aim to expand Bitcoin reserves to a stunning $10 billion on February 22. However, the necessary technological infrastructure is lacking.
Bitcoin, according to Kwon, has already proven itself, which is why it’s impossible for someone in the cryptocurrency sector to cast doubt on it. The UST cryptocurrency is the first to embrace the Bitcoin standard.
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