Do Kwon, co-founder of the Terra (CRYPTO: LUNA) blockchain protocol, said he plans to buy $3 billion worth of Bitcoin (CRYPTO: BTC) in the immediate term.
What Happened: In a Twitter Inc (NYSE:TWTR) space hosted by Udi Wertheimer on Mar. 19, Kwon hinted at an imminent large-value purchase which will go towards building Terra’s Bitcoin reserves.
Last week, Kwon announced that TerraUSD (CRYPTO: UST) will transition from an algorithmic stablecoin to a Bitcoin-backed stablecoin. Terra plans to build $10 billion worth of Bitcoin reserves for the cause.
Why It Matters: Earlier today, market participants noticed a large transaction on the blockchain leading to speculation that Kwon had gone through with the BTC buy order.
Blockchain wallet tracker Whale Alert highlighted a $125 million transfer of Tether (CRYPTO: USDT) to crypto exchange Binance from a wallet associated with Terra.
Crypto traders found that a BTC/USDT buy order was executed on Binance with $60 million worth of buy volume.
Traders speculated that more buying activity may be underway, seeing as the wallet address had a balance of $1.65 billion worth of USDT and USD Coin (CRYPTO: USDC).
Price Action: Bitcoin saw a sudden spike to $43,124 during Asian hours on Tuesday. The market-leading cryptocurrency was trading at $42,226 at press time, gaining 3.12% in the last 24 hours.
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