Luna Corporation Sells $1.5 Billion of Bitcoin (Bought for $47,000 and Sold for $33,000)

Luna Corporation Sells $1.5 Billion of Bitcoin (Bought for $47,000 and Sold for $33,000)

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Answer Luna Corporation Sells $1.5 Billion of Bitcoin (Bought for $47,000 and Sold for $33,000)

Terra-backed Luna Foundation Guard (UST) and founder Do Kwon have announced a market maker lending designed to defend the stablecoin peg.

While Do Kwon did not specifically say what would happen with the loaned money.

However, it is likely that lending to market makers looks like a huge sell order.

The organization will use the proceeds to buy back a UST that lost its one-minute peg over the weekend.

Terra community members have expressed their frustration with the situation that has emerged around the UST stablecoin.

LFG handled the situation by selling $1.5 billion worth of bitcoin, which is essentially more than half of the total collateral at the bottom of the market, which does not need additional selling pressure.

Read:The digital currency market loses $ 300 billion in 4 days, and the intense fear is sweeping the hearts of investors

Users accused the Terra founder of lacking transparency in his decision-making of influencing all UST holders and demanding more information and further clarification.

But the founder of Terra said that during situations like the one we have seen in the past hours, speed is key, and he decided based on the best interests of the foundation and holders of the UST stablecoin.

After the market turmoil and the rapid decline of Bitcoin, panic emerged in the cryptocurrency market, which caused a massive influx of liquidity to the UST stablecoin, which then led to the decoupling, and the price of the stablecoin fell below $1.

Read:How does Dubai aspire to be the first blockchain-powered city by 2020?

Today bitcoin has fallen below $33,300, which was expected by most bitcoin bears like Peter Schiff, who expects the market turmoil to worsen if the first cryptocurrency somehow drops below $35,000.

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