Luna Basis Guard Bitcoin Holdings Leaves LUNA on the Ropes
This week, the Luna Basis Guard (LFG) purchased an extra $1.5 billion in BTC.
Do Kwon, co-founder, and CEO of Terra Labs, additionally introduced the $1.5 billion BTC buy on Twitter, saying,
“LFG acquired 1.5B price of bitcoin over the previous few days.”
LFG acquired 1.5B price of bitcoin over the previous few days
Much more to go
Now time to water the vegetation 🌱 https://t.co/roSJfVVa3k
— Do Kwon 🌕 (@stablekwon) May 5, 2022
Do Kwon went on to tweet,
“Fear not about #Bitcoin – it’s a fungible freedom to counter fungible state violence in fiat.”
Including,
“And its rise will probably be inevitable so long as humanity yearns to be free.”
Fear not about #Bitcoin – it’s fungible freedom to counter fungible state violence in fiat.
And its rise will probably be inevitable so long as humanity yearns to be free 🧡
— Do Kwon 🌕 (@stablekwon) May 5, 2022
In February, the LFG created a BTC denominated reserve for TerraUSD (UST), which supported the LUNA rally to an all-time excessive of $118.03 on March 4.
Bitcoin’s reversal has adversely impacted LUNA in current days, with LUNA underperforming the broader crypto market. At the time of writing, LUNA is ranked #9 on CoinMarketCap, with Cardano (ADA) now holding the #8 spot.
In accordance to Defi Llama, Terra’s complete worth locked at present sits at $23.78bn, down 15.8% over 24-hours. Terra’s (LUNA) complete market cap at $22.55 billion, nonetheless, is down 10.5%, suggesting extra LUNA draw back.
