Tuesday, March 21, 2023
  • Login
EthozEdge
No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
Cryptocurrency Marketcap
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
No Result
View All Result
EthozEdge
No Result
View All Result
Home EVM News Avalanche Network

Terra’s LFG Acquires $1.5B More Bitcoin—With 3AC’s Help 

by ethozedge
May 5, 2022
in Avalanche Network
Reading Time: 4 mins read
A A
0
Share on FacebookShare on Twitter


Key Takeaways

  • Terra’s Luna Foundation Guard has bought more than 37,000 more Bitcoin.
  • The value of Terra’s UST stablecoin is backed in part by its Bitcoin reserves.
  • Terraform Labs’ CEO Do Kwon has been clear that he wants to see UST dominate the stablecoin market.

Share this article

The Luna Foundation Guard has added to its Bitcoin reserve fund with assistance from Genesis Trading and Three Arrows Capital. 

LFG Buys Another 37,863 Bitcoin

The Luna Foundation Guard isn’t done accumulating Bitcoin. 

The nonprofit organization, which launched this year to stabilize Terra’s UST stablecoin, announced Thursday that it had acquired another 37,863 Bitcoin, bringing its total reserves in the number one crypto to around 80,394 coins. That makes LFG one of the world’s biggest Bitcoin “whales” with a stash worth just under $3 billion. 

Terra’s development company, Terraform Labs, formed LFG back in January in a bid to support the Terra ecosystem. At the time, Terraform Labs CEO Do Kwon said that the aim was to “continuously support the peg stability of Terra’s stablecoins” and other developments in the Terra ecosystem. 

Terra, LFG, and Kwon himself have taken the spotlight in crypto over the past few months after the foundation committed to accumulating Bitcoin and other assets such as Avalanche’s AVAX to act as a reserve fund for UST. On several occasions, Kwon announced that LFG had made a multi-million dollar Bitcoin purchase to add to the reserve fund, at times renewing interest in the market and helping Terra’s LUNA soar to new highs. Kwon has said that LFG plans to buy $3 billion worth of Bitcoin with a long-term view toward accumulating a $10 billion supply of coins. Kwon has also made it clear that he wants to see UST become crypto’s dominant “decentralized money” stablecoin, openly slamming MakerDAO’s DAI, another decentralized competitor in the stablecoin market, and proposing a Curve “4pool” that aims to starve DAI of liquidity. 

3AC’s Market Plays

While LFG has been buying Bitcoin over recent months, the latest purchase is notable as it involves two other crypto-native firms. First, it traded $1 billion worth of UST for Bitcoin in an over-the-counter swap with Genesis Trading. It also bought $500 million worth of Bitcoin from Three Arrows Capital, a multi-billion dollar crypto hedge fund run by Su Zhu and Kyle Davies. Zhu, who was selected as one of Crypto Briefing’s top crypto villains of 2021, is known in crypto circles for sharing his bullish takes on Bitcoin and the wider market, but today’s announcement suggests that his firm is “dumping” rather than bidding. Still, Three Arrows Capital oversees one of crypto’s largest funds, so one $500 million sale doesn’t necessarily paint a picture of its overall outlook on the market.

The sale isn’t Three Arrows Capital’s first arrangement with Terra and LFG. In February, the firm co-led LFG’s $1 billion LUNA token sale to help it build its Bitcoin reserves. 

Despite LFG’s relentless buying, its recent moves have done little to build market sentiment. Now in its seventh month of rocky price action, Bitcoin took another dip today, erasing the gains it posted Wednesday in the wake of the Federal Reserve’s 50-point interest rate hike. The top crypto asset is trading just above $37,000 at press time, about 46% short of its all-time high. 

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.





Source link

Tags: 15B3ACsAcquiresbitcoin newsBitcoinWithcrypto analysiscrypto newsEthoz EdgeLatest bitcoin newslatest crypto newsLFGTerras
Share76Tweet47

Related Posts

How Does Cryptocurrency Work? For All Interested in Extra Income Online – Cryptopolitan

by ethozedge
March 18, 2023
0

Earning money online provides you with the freedom to spend some free time with no need to follow up on people....

Stacks Soars 115% Weekly, Bitcoin Eyes $28K: Weekend Watch

by ethozedge
March 18, 2023
0

Bitcoin initiated yet another leg up in the past 24 hours, resulting in nearing $28,000 for the first time since...

Bitcoin Soars Above $26K on Fed’s $300B Injenction into US Banks (Market Watch)

by ethozedge
March 17, 2023
0

Bitcoin skyrocketed by roughly $2,000 in a day as the US Federal Reserve announced lending $300 billion to certain struggling...

AVAX/USD can potentially break lower than $15 – Cryptopolitan

by ethozedge
March 15, 2023
0

Avalanche price analysis has a very heavily bearish sentiment today after staying bullish for three days straight between 12th and...

The 10 Best Crypto Podcasts in 2023

by ethozedge
March 14, 2023
0

Podcasts are a great medium for information and entertainment, as they can be listened to anywhere. Whether you’re driving to...

Load More
  • Trending
  • Comments
  • Latest

🔴 Bank of America Bets on Crypto

April 11, 2022

Pomelo Launches Family Credit Cards to Combine Credit and International Money Transfer

August 16, 2022

How to Add Polygon (MATIC) to Your MetaMask Wallet

May 28, 2022

The Sandbox Price Prediction 2022-2030: HODL or DUMP?

May 25, 2022

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

0

At least 54 apes were stolen in BAYC Instagram hack

0

Binance Introduces New Crypto Card for Ukrainian Refugees

0

55,000 Meta Cricket League NFTs sell out in nine minutes

0

Crypto Fear And Greed Index Surges To 16-Month High As Bitcoin Breaches $28,000

March 21, 2023

Shiba Inu Whale Moves 24 Trillion SHIB From Crypto Exchange To Cold Storage

March 21, 2023

FL Gov. DeSantis Proposes Ban on Central Bank Digital Currency Use as Money – Bitcoin News

March 21, 2023

Euler hacker offers to negotiate return of funds

March 20, 2023
Facebook Twitter LinkedIn Tumblr RSS
EthozEdge

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at EthozEdge

CATEGORIES

  • Altcoin News
  • Avalanche Network
  • Binance Smart Chain
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Regulation News
  • DeFi
  • Ethereum
  • EVM News
  • Fantom Opera Chain
  • Harmony Chain
  • Huobi Eco Chain
  • Metaverse
  • NFT
  • Polygon Chain
  • Scam News
  • Web 3.0
  • XDai Chain

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$27,864.00-2.22%
  • ethereumEthereum(ETH)$1,750.69-2.97%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.010.14%
  • binancecoinBNB(BNB)$333.16-1.93%
  • usd-coinUSD Coin(USDC)$1.010.04%
  • rippleXRP(XRP)$0.3892910.50%
  • cardanoCardano(ADA)$0.337247-2.87%
  • staked-etherLido Staked Ether(STETH)$1,746.96-2.87%
  • matic-networkPolygon(MATIC)$1.10-5.75%
  • dogecoinDogecoin(DOGE)$0.071667-4.70%
  • solanaSolana(SOL)$21.92-6.38%
  • binance-usdBinance USD(BUSD)$1.010.33%
  • polkadotPolkadot(DOT)$6.10-6.04%
  • shiba-inuShiba Inu(SHIB)$0.000010-3.96%
  • tronTRON(TRX)$0.066202-1.52%
  • litecoinLitecoin(LTC)$78.74-5.81%
  • daiDai(DAI)$1.000.01%
  • avalanche-2Avalanche(AVAX)$16.67-5.79%
  • uniswapUniswap(UNI)$6.18-5.18%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,778.00-2.03%
  • ToncoinToncoin(TON)$2.40-0.25%
  • chainlinkChainlink(LINK)$6.96-3.42%
  • cosmosCosmos Hub(ATOM)$11.50-5.96%
  • leo-tokenLEO Token(LEO)$3.380.48%
  • moneroMonero(XMR)$154.42-0.50%
  • ethereum-classicEthereum Classic(ETC)$19.74-6.60%
  • okbOKB(OKB)$45.51-5.72%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$127.49-6.36%
  • filecoinFilecoin(FIL)$5.75-7.74%
  • stellarStellar(XLM)$0.086901-1.77%
  • AptosAptos(APT)$11.97-7.63%
  • true-usdTrueUSD(TUSD)$1.010.17%
  • lido-daoLido DAO(LDO)$2.28-7.53%
  • quant-networkQuant(QNT)$125.87-5.73%
  • hedera-hashgraphHedera(HBAR)$0.060596-5.48%
  • crypto-com-chainCronos(CRO)$0.069639-7.60%
  • nearNEAR Protocol(NEAR)$1.97-7.27%
  • vechainVeChain(VET)$0.022517-8.07%
  • blockstackStacks(STX)$1.18-8.44%
  • internet-computerInternet Computer(ICP)$5.10-5.55%
  • algorandAlgorand(ALGO)$0.208910-5.52%
  • apecoinApeCoin(APE)$4.02-5.72%
  • the-graphThe Graph(GRT)$0.147510-6.88%
  • eosEOS(EOS)$1.15-2.92%
  • fantomFantom(FTM)$0.451981-11.94%
  • the-sandboxThe Sandbox(SAND)$0.64-8.01%
  • immutable-xImmutableX(IMX)$1.27-12.92%
  • aaveAave(AAVE)$75.84-4.76%
  • elrond-erd-2MultiversX(EGLD)$42.97-3.48%
  • decentralandDecentraland(MANA)$0.59-7.64%
  • flowFlow(FLOW)$1.04-5.32%
  • tezosTezos(XTZ)$1.16-7.57%
  • fraxFrax(FRAX)$1.00-0.04%
  • theta-tokenTheta Network(THETA)$1.00-6.49%
  • axie-infinityAxie Infinity(AXS)$8.42-8.46%
  • havvenSynthetix Network(SNX)$2.88-2.24%
  • kucoin-sharesKuCoin(KCS)$9.32-1.27%
  • neoNEO(NEO)$12.12-7.24%
  • conflux-tokenConflux(CFX)$0.398771-13.31%
  • rocket-poolRocket Pool(RPL)$40.35-6.20%
  • optimismOptimism(OP)$2.46-8.35%
  • BitDAOBitDAO(BIT)$0.53-2.86%
  • paxos-standardPax Dollar(USDP)$1.010.23%
  • gatechain-tokenGate(GT)$5.34-2.21%
  • terra-lunaTerra Luna Classic(LUNC)$0.000125-5.52%
  • curve-dao-tokenCurve DAO(CRV)$0.96-5.57%
  • usddUSDD(USDD)$1.000.40%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.82-1.74%
  • klay-tokenKlaytn(KLAY)$0.226551-3.95%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.77-5.16%
  • bitcoin-cash-svBitcoin SV(BSV)$35.68-3.76%
  • mina-protocolMina Protocol(MINA)$0.79-9.12%
  • gmxGMX(GMX)$76.99-6.64%
  • huobi-tokenHuobi(HT)$4.071.77%
  • sapphireSapphire(SAPP)$0.7035.32%
  • chilizChiliz(CHZ)$0.117783-3.68%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • dashDash(DASH)$55.00-4.17%
  • ecasheCash(XEC)$0.000031-5.30%
  • makerMaker(MKR)$663.77-5.36%
  • xdce-crowd-saleXDC Network(XDC)$0.04279520.93%
  • frax-shareFrax Share(FXS)$7.89-6.52%
  • bittorrentBitTorrent(BTT)$0.000001-8.20%
  • iotaIOTA(MIOTA)$0.210753-5.34%
  • singularitynetSingularityNET(AGIX)$0.461816-9.25%
  • Bitget TokenBitget Token(BGB)$0.380642-0.74%
  • EdgecoinEdgecoin(EDGT)$1.010.58%
  • compound-ethercETH(CETH)$35.02-3.13%
  • pax-goldPAX Gold(PAXG)$1,981.05-1.84%
  • Tokenize XchangeTokenize Xchange(TKX)$6.30-1.96%
  • trust-wallet-tokenTrust Wallet(TWT)$1.19-4.96%
  • tether-goldTether Gold(XAUT)$1,981.73-1.21%
  • render-tokenRender(RNDR)$1.30-9.91%
  • binaryxBinaryX(BNX)$165.94-5.94%
  • Halo CoinHalo Coin(HALO)$0.057352-0.04%
  • osmosisOsmosis(OSMO)$0.81-4.46%
  • compound-usd-coincUSDC(CUSDC)$0.0228910.18%
  • zilliqaZilliqa(ZIL)$0.027256-6.93%
  • radixRadix(XRD)$0.042067-2.77%
  • 1inch1inch(1INCH)$0.51-6.79%
  • arweaveArweave(AR)$8.51-6.07%
  • thorchainTHORChain(RUNE)$1.40-4.86%
  • loopringLoopring(LRC)$0.338907-8.48%
  • oec-tokenOKC Token(OKT)$23.25-5.53%
  • mask-networkMask Network(MASK)$5.38-11.98%
  • kavaKava(KAVA)$0.92-6.02%
  • convex-financeConvex Finance(CVX)$5.38-5.80%
  • fetch-aiFetch.ai(FET)$0.389098-7.46%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,869.29-2.62%
  • gemini-dollarGemini Dollar(GUSD)$1.010.20%
  • DeFiChainDeFiChain(DFI)$0.58-2.66%
  • enjincoinEnjin Coin(ENJ)$0.390835-8.77%
  • casper-networkCasper Network(CSPR)$0.035830-3.56%
  • btse-tokenBTSE Token(BTSE)$2.38-1.05%
  • nexoNEXO(NEXO)$0.695.87%
  • MagicMagic(MAGIC)$1.79-1.28%
  • FlareFlare(FLR)$0.0316482.88%
  • FLOKIFLOKI(FLOKI)$0.000039-3.99%
  • cdaicDAI(CDAI)$0.0222390.00%
  • dydxdYdX(DYDX)$2.48-8.99%
  • zcashZcash(ZEC)$33.97-7.16%
  • WEMIXWEMIX(WEMIX)$1.50-1.78%
  • DogechainDogechain(DC)$0.001787-24.98%
  • baby-doge-coinBaby Doge Coin(BABYDOGE)$0.000000-2.93%
  • EthereumPoWEthereumPoW(ETHW)$3.31-4.12%
  • basic-attention-tokenBasic Attention(BAT)$0.237147-7.44%
  • ethereum-name-serviceEthereum Name Service(ENS)$13.58-5.89%
  • nemNEM(XEM)$0.038032-7.43%
  • Nexus MutualNexus Mutual(NXM)$50.10-2.86%
  • woo-networkWOO Network(WOO)$0.196936-9.13%
  • terra-luna-2Terra(LUNA)$1.38-5.24%
  • qtumQtum(QTUM)$3.14-9.25%
  • theta-fuelTheta Fuel(TFUEL)$0.052677-7.25%
  • injective-protocolInjective(INJ)$3.94-7.21%
  • holotokenHolo(HOT)$0.001776-6.13%
  • Gains FarmGains Farm(GFARM2)$8,754.12-3.34%
  • galaGALA(GALA)$0.041355-12.14%
  • ravencoinRavencoin(RVN)$0.025856-7.75%
  • nucypherNuCypher(NU)$0.24633238.30%
  • kusamaKusama(KSM)$33.76-7.46%
  • Aleph ZeroAleph Zero(AZERO)$1.37-3.93%
  • celoCelo(CELO)$0.61-8.72%
  • compound-governance-tokenCompound(COMP)$43.42-5.81%
  • decredDecred(DCR)$19.63-5.03%
  • oasis-networkOasis Network(ROSE)$0.057881-8.27%
  • KaspaKaspa(KAS)$0.0168152.55%
  • olympusOlympus(OHM)$10.23-1.27%
  • BeldexBeldex(BDX)$0.054807-0.41%
  • gnosisGnosis(GNO)$109.70-2.05%
  • AstarAstar(ASTR)$0.065186-7.51%
  • bitcoin-goldBitcoin Gold(BTG)$16.04-6.74%
  • Access ProtocolAccess Protocol(ACS)$0.009483-7.53%
  • safemoonSafeMoon [OLD](SAFEMOON)$0.000000-1.77%
  • audiusAudius(AUDIO)$0.280930-7.71%
  • linkLINK(LN)$41.21-0.71%
  • yearn-financeyearn.finance(YFI)$8,478.58-4.33%
  • Bone ShibaSwapBone ShibaSwap(BONE)$1.20-1.36%
  • ankrAnkr Network(ANKR)$0.033114-8.37%
  • liquity-usdLiquity USD(LUSD)$1.020.24%
  • omisegoOMG Network(OMG)$1.89-12.75%
  • balancerBalancer(BAL)$6.53-3.64%
  • bloxBlox(CDT)$0.31074313.69%
  • chiaChia(XCH)$37.55-2.82%
  • IdeaChainIdeaChain(ICH)$4.730.00%
  • ftx-tokenFTX(FTT)$1.89-21.52%
  • huobi-btcHuobi BTC(HBTC)$28,169.00-1.35%
  • Crypto Gladiator LeagueCrypto Gladiator League(CGL)$0.16194440.57%
  • SSV NetworkSSV Network(SSV)$35.26-7.48%
  • stepnSTEPN(GMT)$0.397416-9.93%
  • AstraferAstrafer(ASTRAFER)$1.59-4.64%
  • convex-crvConvex CRV(CVXCRV)$0.85-4.80%
  • harmonyHarmony(ONE)$0.020206-8.30%
  • golemGolem(GLM)$0.241829-5.80%
  • Gains NetworkGains Network(GNS)$7.98-6.83%
  • justJUST(JST)$0.026559-4.53%
  • Manchester City Fan TokenManchester City Fan Token(CITY)$11.87-1.78%
  • moonbeamMoonbeam(GLMR)$0.387042-6.98%
  • world-mobile-tokenWorld Mobile Token(WMT)$0.2920233.33%
  • iotexIoTeX(IOTX)$0.024472-6.91%
  • DAO MakerDAO Maker(DAO)$1.54-11.13%
  • ecomiECOMI(OMI)$0.000853-2.10%
  • BlurBlur(BLUR)$0.55-3.07%
  • escoin-tokenEscoin(ELG)$2.85-0.17%
  • Meerkat SharesMeerkat Shares(MSHARE)$11,715.17-5.03%
  • kadenaKadena(KDA)$1.01-4.94%
  • tether-eurtEuro Tether(EURT)$1.080.94%
  • wavesWaves(WAVES)$2.22-4.07%
  • jasmycoinJasmyCoin(JASMY)$0.004684-6.25%
  • sushiSushi(SUSHI)$1.15-6.94%
  • Staked LunaStaked Luna(STLUNA)$88.35-0.49%
  • LiquityLiquity(LQTY)$2.402.00%
  • amp-tokenAmp(AMP)$0.003943-4.47%
  • terrausdTerraClassicUSD(USTC)$0.022152-3.29%
  • Frax EtherFrax Ether(FRXETH)$1,748.83-2.58%
  • band-protocolBand Protocol(BAND)$1.70-7.30%
  • Ankr Staked ETHAnkr Staked ETH(ANKRETH)$1,925.73-2.13%
  • perpetual-protocolPerpetual Protocol(PERP)$2.92-2.77%