Friday, March 25, 2022
HomeBitcoinWhy Luna is Shopping for $500 Million Price of Bitcoin for Its...

Why Luna is Shopping for $500 Million Price of Bitcoin for Its Stablecoin

Luna Basis Guard (LFG) has purchased over 11,700 BTC value roughly $520 million to date this week to construct a bitcoin reserve to assist its stablecoin, TerraUSD (UST). Whereas many within the Bitcoin neighborhood have been fast to level out that the undertaking is essentially completely different than these constructed upon on-chain bitcoin, such a major buy of BTC had plain affect on the Bitcoin ecosystem and, fairly presumably, the value.

LFG is a non-profit group based mostly in Singapore that works to domesticate demand for Terra’s stablecoins and “buttress the soundness of the UST peg and foster the expansion of the Terra ecosystem.”



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