The Terra Foundation Gaurd LFG is in the process of buying Bitcoin (BTC). LFG’s bitcoin address shows that it bought an additional $228.5 million worth 5040 BTC in one day. Earlier, Wu Blockchain reported that the foundation has transferred $231.4 million USDT to Binance. This accumulation has resulted in a total holding of 35,768 BTC. The largest cryptocurrency in the world has fallen by almost 3% in the past 24 hours.
LFG Has $1.62 Billion in BTC
According to reports, Terra first bought 1,479 and 2,485 BTC in the first two trades. The additional two transactions of 586 and 490 BTC later, brought the LFG’s Bitcoin holding company above the 35,000 milestone. The foundation has $1.62 billion worth of BTC in reserve.
The Luna Foundation Guard wallet made a total of 59 transactions to acquire their total BTC holdings. The largest single transaction was of 8,588 Bitcoins. Meanwhile, the maximum trades recorded in a day were 9, while the highest 29 trades were made in a week.
With this momentum, Do Kwon’s mission to buy $10 billion in Bitcoin will soon be completed. However, he aims to buy $3 billion worth of BTC initially, the remaining reserve will be filed using profits made by issuing a currency or seigniorage.
In a race to make $10 Billion BTC reserve
On March 14, Kwon announced the creation of the $10 billion Bitcoin reserve. He also informed that they have $3 billion in funds ready to seed this reserve. On March 21, LFG made its first purchase. It has only been 16 days since the foundation added more than $1.62 billion in BTC.
However, it is a good day to buy Bitcoin as the coin is down about 3%. Looks like LFG bought a dip. Bitcoin is trading at an average price of $45,330. The 24-hour trading volume of $35,222,170,279 has seen a 15% increase. BTC still leads the cryptocurrency with a market cap of $861 billion.
Terra Luna is down marginally 0.35% in the past 24 hours. It is trading at an average price of $114.8. The coin has become the 7th largest cryptocurrency by overtaking Ripple’s XRP with a market cap of over $40 billion.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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