Terra (CRYPTO: LUNA) spiked to new highs after news broke that the blockchain project had executed several large Bitcoin (CRYPTO: BTC) buy orders.
What Happened: According to data from Benzinga Pro, LUNA surged by 10% to a new all-time high ahead of $105.91 on Tuesday. The cryptocurrency has rallied by more than 86,000% over the past two years.
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Sentiment around the cryptocurrency increased considerably over the past few weeks after the blockchain’s co-founder Do Kwon announced plans to buy $10 billion worth of Bitcoin.
Do Kwon said that Terra intends to convert its U.S. dollar-pegged stablecoin TerraUSD (CRYPTO: UST) into one that is backed by Bitcoin reserves.
Earlier today, Bloomberg reported that Do Kwon had confirmed Terra’s first $125 million Bitcoin purchase.
The Bitcoin address used to make the purchases has been labeled “Luna Foundation Guard (LFG).” On-chain data shows that the address has bought a total of 27,784.97 BTC through 43 transactions.