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.
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
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