We’ve been hearing a lot lately. Terra’s (LUNA) Bitcoin (BTC) There were some remarkable movements in his wallet.
Terra, who previously bought a large amount of Bitcoin to support the stablecoin UST to be stable at $ 1, is making BTC transfers to stabilize its price as its market is falling.
Terra’s Bitcoin Wallet Released 1.4 Billion Dollars of Bitcoin!
When LUNA’s BTC wallet on the blockchain is examined, it is seen that approximately $1.4 billion (42,530 pieces) of BTC has been transferred from the wallet to other addresses. It was also noted that some of the transferred coins were sent to the OKEX exchange.
According to the information circulating on Twitter, the transfer in question was made to separate wallets with two separate transactions of 30,000 BTC and 12,500 BTC.
At the time of this writing, LUNA’s Bitcoin wallet has $877 million worth of BTC.
Luna just emptied their BTC reserve wallet… 1.4 billion… https://t.co/tXyglC5VOj
— Daxx (@DaxxTrader) May 9, 2022
This step has been interpreted by some as LUNA starting to sell their BTC holdings.
LUNA’s UST Stabilcoin Drops to $0.94
However, LUNA also seems to be in trouble with its stablecoin UST. Normally, its price should be fixed at $1. cryptocurrency At the time of this writing, it fell to $ 0.82. With the effect of this regression, the price of the LUNA token also showed a great decrease.
Terra, the worst-performing token among major cryptocurrencies in its market, is trading at $47 at the time of writing, with a 27.54% decline in the last 24 hours.
It is said that algorithmic stablecoins such as UST can always fluctuate in their prices and therefore they are not reliable. Unlike other stablecoins, these cryptocurrencies are not backed by real dollars or real-world assets.
*Not investment advice.