More BTC is being purchased as it reaches closer to the crucial resistance line
The structure behind the Luna job apparently transferred $1.1 billion worth of BTC to another confidential address ending in 50tv4q, as WuBlockchain reports
Previously, Luna Foundation revealed that it raised $2.2 billion for its Bitcoin reserves. If the wallet is in fact owned by the structure, it currently includes 50% of the gathered funds. It is not yet clear if the other part of the funds is going to be moved to the exact same wallet or another address.
The Bitcoin address (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) has actually transferred almost 24,955 BTC worth more than $1.1 billion. Market thinks it is the address of Luna Foundation, which has actually raised $2.2 billion for its bitcoin reserves. https://t.co/ex7yM1CWx0
— Wu Blockchain (@WuBlockchain) March 27, 2022
The creator of Terra (LUNA) has actually exposed that the Luna Foundation Guard effectively raised $2.2 billion to develop a different Bitcoin reserve for the UST stablecoin behind the network. The $1 billion was raised through a personal sale round.
Recently, U.Today shared the structure’s strategy to buy a big quantity of BTC at the speed of $125 million daily. The overall volume of acquired funds is not being divulged, however it will probably be close to $2.2 billion.
Supposedly, markets have actually responded favorably to such a propensity as the cost of the very first cryptocurrency rallied to $45,000 and reached the strong resistance line of the rising variety, in which BTC stayed for more than a month.
At press time, Bitcoin trades at $44,575 and yet can not break through, which shows that there is inadequate purchasing power to press the cryptocurrency out of the variety. According to the volume sign, the weekend’s volume, regrettably, is substantially lower than the typical trading volume throughout the week.