Terra Adds $125 Million Worth of Bitcoin to Its Reserves Amid Bullish Price Comeback
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Responding to questions about why Terra plans on putting BTC in its reserves, Kwon noted: “Bitcoin is the only hard reserve asset that’s been proven out of the digital currencies… It is very difficult for somebody in crypto to question Bitcoin.”
Terra’s $125 million Bitcoin purchase on Tuesday has triggered a frenzy on social media. While Terra has yet to officially mention the BTC purchase, a Gnosis safe address owned by Terra moved $125 million worth of USDT to Binance.
On the same day, BTC proponent and the director of growth marketing at Kraken, Dan Held, welcomed the Terra community, tweeting: “I welcome all projects and protocols that want to build on Bitcoin/use Bitcoin.” He added: “Excited to see what [Do Kwon] and the Terra community will do.”
Do Kwon swiftly responded to Held’s comments noting: “Looking forward to building together.” Also, co-founder of Stacks, a smart contract platform tailored for Bitcoin, Muneeb Ali, responded to Held’s tweet, noting: “This is the way,” adding “[The] Bitcoin community was welcoming to developers pre-2016. We can do the same now. Developers can use Bitcoin however they want, it only makes BTC stronger.”
Key Terra Levels to Watch — March 23
LUNA continued to maintain an upward bias despite the recent downward market trend and last week’s correction. The eighth-largest cryptocurrency is now in the middle of an upswing to retest the $100 psychological mark, followed by a retest of the recent all-time high at $104.83.
The cryptocurrency is buoyed by the bullish 100 EMA on the 4-hour chart at the $90 mark. Notably, the price is far from overheated conditions, as the 4-hour stochastic indicator shows a neutral placement for LUNA. That said, I expect to see a steady bullish continuation over the week and a bullish rally to the $110 top.
Meanwhile, my resistance levels are $100.00, $105.00, and $110.00, and my support levels are $90.00, $80.00, and $70.00.
Total Market Capitalization: $1.91 trillion
Terra Market Capitalization: $34.2 billion
Terra Dominance: 1.78%
Market Rank: #8
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