The leading cryptocurrency, which rose above 40 thousand levels again by getting rid of geopolitical and economic uncertainties, cryptocoin.com As we have seen, it has been exhibiting horizontal movements in search of direction for the last two days. While Do Kwon, the founder of the popular altcoin project Terra (LUNA), has reportedly made a purchase worth $125 million, Bitcoin (BTC) has also seen a jump.
Bitcoin approached the levels of 43 thousand dollars
Bitcoin (BTC) is approaching $43,000, up 3.5% today amid intense speculation that Terra (LUNA), a stablecoin blockchain, will purchase $3 billion worth of BTC. Do Kwon, the founder of South Korean Terra, apparently said too much in a Twitter conversation in which he told maxi Udi Wertheimer that the UST stablecoin will be backed by BTC, not just Luna. This was enough to send people looking for blockchain. And of course it was an Eth address where a Gnosis secure address allegedly owned by Terra (Luna) carried $125 million worth of Tether tokens.
There were close to $2 billion USDt and USDc at the address. The $125 million was recently moved to a Binance-like address. The move coincided with the initial spike in Bitcoin price. So the project is probably doing what MakerDAO did, in this case diversifying assets that stabilize DAI, starting with Bitcoin.
Do Kwon and the SEC lawsuit
Terra (Luna) is down a bit today but 2.5%. It was thought that perhaps it would make more sense to hold Bitcoin instead of Luna, especially if this publicly announced purchase was followed. It’s hard to follow as they haven’t made any official statements. But it makes sense to have some eth with Bitcoin as a reserve and perhaps their actions appearing on the blockchain. In addition, Do Kwon filed a lawsuit with the SEC after he publicly took legal action against him. Do Kwon may have found advance disclosure necessary to avoid going against any potential laws and regulations.
Or, alternatively, they may have thought that their movements would be monitored and thus informally clarified their plans to purchase billions of Bitcoins to avoid causing unwanted speculation. With Bitcoin already in a bullish trend before this development, a crypto spring is something that can be observed.
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