This Crypto Is Up 10% Today, Hitting All-Time High After $125M Bitcoin Buy

Terra LUNA/USD spiked to new highs after news broke that the blockchain project had executed several large Bitcoin BTC/USD 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.

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 UST/USD 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.