In the last few months, the Luna Foundation Guard (LFG), the non-profit organization founded to support Terra, continues to buy Bitcoin aggressively. According to Terra founder Do Kwon, the massive Bitcoin purchases are designed to support Terra's US dollar stablecoin TerraUSD (UST).
Renowned crypto expert Lyn Alden tells her 410,700 Twitter followers that the sharp drop in LUNA's value should leverage its Bitcoin reserves to keep the LFG and UST stable. Lyn Alden made the following statements about LUNA's BTC purchases.
"Terra Luna's purchases prevent Bitcoin from depreciating. According to the old market cycles, BTC does not decline. I expect BTC, which cannot fall, to start a new upward trend in the coming days."
The popular analyst, who believes that LUNA has prevented Bitcoin from losing value, underlines that a new upward trend will begin in the coming days. Bitcoin continues to lose value in recent years. BTC, which still cannot make a trend reversal, is expected to wait for the FED's decisions.
While volatility has increased in the last hours, it seems that many investors are also liquid. At the time of writing our news, BTC, which is located at the level of 39 thousand dollars, still has not started an upward trend. Bitcoin (BTC) is changing hands at $39,030 at the time of writing, according to CoinGecko data. Bitcoin (BTC) last 24-hour trading volume is $27.220.686.819. Bitcoin (BTC) price is up 1.8% in the last 24 hours.
Terra (LUNA) price, on the other hand, appears to be $84.06 at the time of writing, according to CoinGecko data. Terra's native token LUNA has a trading volume of $1,450,209,087 in the last 24 hours. The price of LUNA token has increased by 0.1% in the last 24 hours. While there is a LUNA supply of 340 Million Terra tokens in circulation, there is a total supply of 726 Million LUNA coins.