Terra Empties Bitcoin Reserve Wallet as UST Stablecoin Loses Peg

On Monday, the Luna Foundation Guard (LFG) temporarily emptied its entire Bitcoin wallet of 42,530.82 BTC. Due to crypto market volatility, the foundation says it's trying to preserve TerraUSD (UST)’s peg to the dollar. According to on-chain data, the LFG’s Bitcoin wallet sent out all of its Bitcoin at 14:34 EST, only to recover 28,205 BTC just 2 hours later. Terra co-founder Do Kwon explained yesterday that the Guard voted to deploy $1.5 billion from its reserves to maintain UST’s…

Terra Make Yet Another $176 Million BTC Purchase

Terra bought yet another $176 million worth of BTCs. The foundation’s BTC stash is just short of 2 billion dollars, as it closes in on its target of $10 billion. Terraform Labs, the development firm behind Terra (LUNA), made its recent purchase over the weekend, according to a tweet by crypto researcher Pompliano. CEO Do Kwon first shared news on Wednesday that the foundation had purchased about $230 million in BTC. Barely half a week later, the foundation made yet…

Terra Buys Another $135 Million in Bitcoin as Price Breaks Bullish

Terra – the fiat-pegged stablecoin protocol – purchased another $135 million in Bitcoin on Monday to add to its reserves. This coincides with Bitcoin’s push to $48,000, breaking through the $45,000 that Bitcoin has been under since early January. Terra’s purchase is part of its effort to build a $10 billion Bitcoin reserve to back its US dollar stablecoin, TerraUSD (UST). UST is currently backed by LUNA. However, it is pivoting to Bitcoin to avoid risks of a future debt…

What’s Going On With Terra and its $10 Billion Bitcoin Bet?

Bitcoin underwent a sudden surge this week, and looks ready to break the $45k resistance that has kept the crypto market quiet for months. Strangely enough, an altcoin protocol appears the likely cause of the price action. Terra recently decided to fundamentally change the nature of its UST stablecoin’s price support – by backing it with Bitcoin. As such, they’ve recently begun their plan to absorb as much as $10 billion in Bitcoin off the market. Understanding Terra Terra is…

Raul Pal Says There’s a ‘Decent Chance’ For Ethereum To Flip Bitcoin

Former hedge fund manager Raoul Pal said that Ethereum could finish the year above $10,000. However, he also thinks that there is a “decent chance” of “flipping” – referring to Ethereum becoming the most significant crypto by market cap, removing Bitcoin from first place. Moreover, he thinks that Ethereum’s competitors will do even better. Raul Pal is a former Goldman Sachs executive and co-manager or GLG, a London-based global macro hedge fund. He has since retired from his position and started…

Terra To Launch Col-5 System Upgrade in September as Luna Hints towards a Price Rise

Terra plans to introduce an upgrade dubbed Columbus-5 on September 9th in a mission to improve the network and create more use cases. This is by far the most significant upgrade the system has ever made. As the days get closer to usher in upgrades, the LUNA coin performs very well in the markets, potentially going higher.  Introducing The Columbus-5 Upgrade Columbus 5, Col-5 is a new system that may come to light in mid-September, inheriting the Columbus 4 system.…

10 Cryptocurrency Projects to Watch in 2021

This year has been an exciting one for crypto investors so far. The introduction of new sectors and technologies has reshaped the landscape of the industry. These changes have ushered in exciting opportunities for developers and investors alike. While it may seem impossible to keep track of these developments, some have resin above the competition to become major points of interest. Here are 10 projects to watch in 2021. Avalanche (AVAX) Avalanche can be considered a "platform of platforms." The…

Why Africa Is Becoming the Next Blockchain Technology Hub

Africa is the second-largest and second most populated continent globally but isn't at the forefront of traditional ventures. However, in the wake of blockchain technology and the cryptocurrency market, it is due to a significant change. Ghana, South Africa, Uganda, Kenya, and Nigeria are among the top ten countries with the highest Google search for 'Cryptocurrency.' Furthermore, African countries are laying the necessary foundations for the cryptocurrency industry to thrive.  Bitcoin advocate and Twitter founder Jack Dorsey noted in 2019…

Bitrue Partners with Blockchain Payments Network Terra

Bitrue to list both stablecoin Terra and mining token Luna as the first step of the partnership SINGAPORE - August 12 - Cryptocurrency exchange Bitrue announces today a partnership with Terra, the project behind the next-generation blockchain payments solution, to list both mining token Luna (LUNA) and stablecoin Terra SDT (SDT). This listing is part of a larger collaboration between Bitrue and Terra to offer a wide range of decentralized financial services. Starting today at 3:00 am UTC, Bitrue will start accepting deposits…

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