The price of Terra has hit another record high after Luna Foundation Guard (LFG) made a series of major bitcoin buys.
value of Terra (Luna) Earlier today Binance reached another all-time high of $105.91 on the exchange. The cryptocurrency is up more than 10% in the past 24 hours. It remains in the eighth position by market capitalization (just behind Cardano).
Singapore-based Luna Foundation Guard (LFG) bought $135 million worth of bitcoin on Monday, according to a recent report published by Bloomberg.
It has been confirmed that there is currently approximately $1.32 billion in addresses associated with the Foundation. Bitcoin,
Rumors about Terra buying bitcoin as a reserve asset started circulating last week. Eagle-eyed on-chain analysts began to see buyouts linked to the nonprofit, but there was no official confirmation.
Speculation about the size of the purchases has pushed the price of the largest cryptocurrency higher, proving to be one of the major bullish catalysts. Hence, many speculated that Terra was the only one carrying the ongoing rally on its shoulders.
As Reported by U.TodayBitcoin price recently topped the $48,000 level for the first time in months.On February 22, Do Kwon, the founder and CEO of Terraform Labs, announced his intention to increase the size of bitcoin reserves to $10 billion. However, it does not yet have the technical infrastructure to do so.
Kwon claims that bitcoin has already proven itself, which is why it is difficult for anyone in the cryptocurrency industry to question it. UST has become the first cryptocurrency to adopt the bitcoin standard.
LFG decided in early February to create a bitcoin-denominated reserve to boost the value of the UST stablecoin while retaining the dollar peg of the cryptocurrency.