Terra buys more bitcoin
The Luna Foundation Guard (LFG), a Singapore-based non-profit organization focused on promoting and developing the Terra blockchain, added more bitcoin and this time $176 million worth of money earlier Sunday.
LFG now owns nearly $1.7 billion of the world's largest cryptocurrency.
The massive bitcoin stock aims to support the original stablecoin UST, making it easier for it to maintain its peg to the dollar during extreme market volatility.
The recent purchase had little impact on the bitcoin price.
The value of the cryptocurrency has increased by 1.43% in the past 24 hours.
LFG’s bitcoin buying spree began in late February after it sold $1 billion in LUNA to build a stable forex reserve denominated in the world’s largest cryptocurrency.
Terra founder Do Won tweeted that Terra intends to buy up to $10 billion in bitcoin in order to become the largest single owner of the best cryptocurrency.
LFG also purchased $100 million worth of cryptocurrency Avalanche (AVAX) earlier this week.