The Luna Foundation bought an additional 4,130 Bitcoin, raising the foundation’s total holdings to 39,897.98 BTC, as they continue to pursue their goal of purchasing $10 billion worth of Bitcoin and becoming the second-largest holder of BTC behind Satoshi Nakamoto.
The Luna Foundation still needs to purchase another $8.2 billion in Bitcoin to reach its goal, but their holdings are already quite impressive.
In addition to their stash of Bitcoin, the foundation also holds $563 million in USDC and USDT stablecoins, and earlier this week announced a planned $100 million purchase of avalanche (AVAX) to continue to diversify their reserves.
Market Reaction… Missing.
However, the Luna Foundation’s purchase of 4,130 Bitcoin had no effect on the cryptocurrency markets.
The reason is most likely a deal conducted outside of exchanges, which allows them to avoid slippage (raising the price on themselves), which also means not filling any sell orders – in short, everything is done in such a way that it is impossible to move the price, except for how other traders react to the news.
At the time of writing, BTC is hovering around the $43k support level.
Where Do We Go From Here?
Indicators are now in a neutral zone, none are screaming ‘buy’ or ‘sell’ at the moment.
This could result in lower prices before another rally, but if it manages to hold at this level or higher for the next few days that stability could attract buyers, once again building up momentum. I’m watching for it to break the $48k resistance zone and open the door to $50k or even higher fairly soon.
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Author: Adam Lee
Asia News Desk | Breaking Crypto News
