Bitcoin has huge support these days. Yes, we are talking about the Terra Foundation. Recent purchases have triggered the growth of markets. So, how many Bitcoins have been bought so far? Planning to buy more, will Terra Foundation launch the first bull crypto market this year?
Moon Foundation and Bitcoin
The price of bitcoin is $44,750 at the time of writing. According to the discovery by WuBlockchain, the foundation behind the Luna project reportedly transferred $1.1 billion worth of BTC to another anonymous address ending in 50tv4q. Earlier, the Luna Foundation announced that it had raised $2.2 billion for Bitcoin reserves. If the wallet actually belongs to the foundation, it already contains 50% of the collected funds. It is not yet clear whether the other part of the funds will be transferred to the same wallet or to another address.
The Terra founder reported that the Luna Foundation Guard has raised $2.2 billion to create a separate bitcoin reserve for the UST stable coin behind the network.
Downloaded Bitcoin Purchases
Recently, we shared the fund’s plan to buy large volumes of BTC worth $125 million per day. The total amount of funds acquired has not been disclosed, but is likely to be close to $2.2 billion. The estimate announced by an official of the fund over the weekend is approximately $ 3 billion.
The volume on the stock markets this weekend is below average. Such weak volumes on Sundays are a situation we are used to. Bitcoin is aiming to close the weekly proximity to $46,000 and we may see sudden BTC price movements in the coming hours. If the target close is reached, we will see the best weekly close of 2022. This situation can now be attributed to the beginning of a trend reversal.
Bitcoin, which reached $69,000 at its last peak last year, rose on the news of futures ETFs. It is this development that has revived the price beyond technical analysis, formations and all analysis. In the coming days, events such as the purchase of bitcoins by large companies, the addition of bitcoins to Russian reserves, or the approval of a spot bitcoin ETF may force the price to suddenly focus on its six-digit target.