Terra (LUNA) Bought $100,000,000 in Bitcoin (BTC); TerraUSD Launched on Binance
There are some pretty bullish moves that are taking place in the crypto space despite the price volatility these days. Check out the latest reports below. Ethereum challenger Terra (LUNA) continues to build up its Bitcoi...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
There are some pretty bullish moves that are taking place in the crypto space despite the price volatility these days. Check out the latest reports below.
Ethereum challenger Terra (LUNA) continues to build up its Bitcoin (BTC) reserves. This is happening as the world’s largest crypto exchange Binance adds support for its stablecoin, TerraUSD (UST).
Terraform Labs CEO Do Kwon posted on Twitter that the Luna Foundation Guard (LFG) has purchased $100,000,000 more worth of the leading digital asset.
“[Luna Foundation Guard] bought an additional $100 million worth of BTC for UST FX [foreign exchange] reserves.”
Previously, Kwon had said that Terra plans to buy up a staggering $10 billion worth of the top crypto asset by market cap in order to back UST. This is its native dollar-pegged stablecoin.
It’s also important to note the fact that the most recent purchase brings LFG’s total value of Bitcoin held in its reserves to $1.72 billion.
As the stablecoin issuer continues to buy BTC, the leading crypto exchange platform Binance recently announced it would be adding support for UST.
Investors can buy and swap UST in the UST/USD and UST/USDT (Tether) pairs, according to Binance, as per the online publication the Daily Hodl.
Regarding the price of Bitcoin, at the moment of writing this article BTC is trading in the red and the king coin is priced at $40,142.
Huge crypto investments aheadThe other day, we revealed that the Pantera Capital CEO Dan Morehead says more institutional ownership of BTC and a higher Bitcoin market value will moderate the top crypto asset’s price swings.
“While we’ve had two -80% bear markets already, I believe those are a thing of our primordial past. Future bear markets will be shallower. The previous two have been -61% and -54%. Unfortunately, there’s no free lunch. The flipside is we probably won’t see the 100x rallies anymore either.”
He also said that the current bear market is finished, and Bitcoin has moved on to a new rally cycle.
The post Terra (LUNA) Bought $100,000,000 in Bitcoin (BTC); TerraUSD Launched on Binance first appeared on CryptoGazette - Cryptocurrency News.Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
XRP Whales Dominate Exchange Outflows as Bitcoin Shorts Rise on Hyperliquid
The contrasting flows highlight a market where some large investors are moving XRP away from exchanges even as leveraged traders p...
Tether Signs Deal With Kazakhstan's Central Bank to Explore a Stablecoin and Tokenized Assets
Tether, issuer of the USDT stablecoin, will help Kazakhstan's central bank study a tenge-pegged token and put real-world assets on...
Tether, Kazakhstan cenbank mull tenge stablecoin and asset tokenization
The agreement will explore a tenge-backed stablecoin pilot and a framework for tokenizing real-world assets as Kazakhstan expands...
Tether signs MoU with Kazakhstan’s central bank to explore tenge stablecoins and tokenized assets
Kazakhstan's collaboration with Tether could enhance its fintech landscape, potentially boosting local currency integration in dig...
StablecoinX shares go tokenized on Binance’s bStocks platform
Tokenized trading on bStocks enhances market accessibility but raises concerns about price alignment and interconnected financial...
XRP Whale Transfers off Binance Reach Highest Level in 7 Months
XRP whale withdrawals from Binance have surged to a seven-month high, a new analysis shows, raising questions about available trad...