Terra Adds Another 4,130 BTC to Its Reserves as LUNA Slumps

Updated:

On April 8, the Luna Foundation Gaurd (LFG), a Terra (LUNA) organization, announced a partnership with the Avalanche Foundation and revealed that it would purchase $100 million worth of AVAX over-the-counter (OTC).

The organization noted that the purchased AVAX would be held in its diversified reserves, along with Bitcoin (BTC), intended for its UST Decentralized Forex Reserve. UST (Terrausd) is Terra’s native stablecoin.

On April 6, LFG purchased an additional $5,040 BTC, which brought its total Bitcoin stash to 35,767.98 BTC (worth $1.5 billion using press time exchange rate). Yesterday, the organization increased its BTC stash after acquiring another 4,130 coins (worth $176.1 million) into the LFG Bitcoin wallet. The purchase occurred in four tranches with the first being the largest at 1,482 BTC. The second transaction included 492 BTC, the third included 1,174.99 BTC, and the final transaction saw the wallet receive 981 coins.

With its latest purchase, the LFG wallet now holds 39,897.98 BTC (worth $1.67 billion using the press time exchange rate).

Apart from the large BTC deposits from Terra’s purchase, the LFG wallet also receives numerous “dust” BTC transfers daily.

Key Terra Levels to Watch — April 11

LUNA has slumped to the $86 support zone, following a parabolic bear rally since the cryptocurrency tapped an all-time high at $119.5 last Tuesday. The ninth-largest cryptocurrency has shed over 28% within this short period as the broader market tone dives.

Studio Project 42
LUNAUSD – 4-Hour Chart on Binance. Source: TradingView.

Market conditions for LUNA flipped bearish last Friday after the price breached the 4-hour 100 EMA around $103 with $80 coming into view. That said, we could record a pullback in the coming hours to the $92 zone, where bears can pile in and force the price lower to $80.

Meanwhile, my resistance levels are $90.00, $96.00, and $100.00, and my support levels are $86.00, $80.00, and $76.00.

Total Market Capitalization: $1.89 trillion

Terra Market Capitalization: $30.4 billion

Terra Dominance: 1.6%

Market Rank: #9

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.