Terra Brings Total BTC Holding to $1.3 Billion Following Recent Purchase

Updated:

In its plan to add $10 billion worth of Bitcoin to its reserve, Terra (LUNA) has acquired an additional 2,830 BTC (worth $133.5 using the current exchange rate) to its wallet.

Popular Chinese cryptocurrency analyst Colin ‘Blockchain’ Wu revealed that OKLink recently identified Terra’s foundation BTC wallet, noting that it now holds over $1.3 billion worth of Bitcoin. The address currently holds a total of 27,784.96 BTC, with the benchmark cryptocurrency trading at $47,200.

CEO and co-founder of Terra Labs, Do Kwon, originally announced on March 14 that the crypto project plans on making the Bitcoin move. Kwon noted, at the time, that this would open a new monetary era of the “Bitcoin standard.”

Meanwhile, Terra recently posted a proposal developed by Jump Crypto detailing how Luna Foundation Guard can go about the deployment of its BTC reserve on-chain, which should shield the UST against downward pressure.

OKLink also narrated that the Luna Foundation Guard’s wallet address has been carrying out nine transactions per day and a maximum of 29 transactions per week. The platform also revealed that Terra’s wallet had carried out a total of 42 transactions so far, with the highest transaction being 8,588 BTC.

Key Terra Levels to Watch — March 28

Terra has reclaimed the $95 axis following a sharp correction to the $90 last week. The rebound helped outline a clear trend in the market, as the broader market recorded some impressive gains.

LUNAUSDT 2022 03 28 16 53 32.png
LUNAUSD – 4-Hour Chart on Binance. Source: TradingView

That said, the ninth-largest cryptocurrency is well on track to re-emerge above the $100 mark in the coming days, considering the prevailing trading sentiments in the broader market. On the flip side, though, bearish retraces will likely be repelled by the $91 – $90 support zone, where my 4-hour 100 EMA rests.

Meanwhile, my resistance levels are $96.00, $100.00, and $105.00, and my support levels are $90.00, $86.00, and $80.00.

Total Market Capitalization: $2.15 trillion

Terra Market Capitalization: $33.8 billion

Terra Dominance: 1.57%

Market Rank: #9

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.