Terra LUNA Rises 25% as Crypto Market Rebounds

According to CoinMarketCap data, Terra’s LUNA token jumped 25% in the last 24 hours while the overall cryptocurrency market recovered. Terra’s 25% price surge nearly reversed the previous day’s losses, when crypto and traditional markets slid down.

CoinMarketCap Data
Courtesy: CoinMarketCap Data

LUNA was trading at $64.11 at the time of writing, up from the prior day’s low of $50.27, with 4.96 billion worth of tokens traded in volume over the previous 24 hours. After months of downward movement, the 25% price increase was one of the most significant for LUNA in recent times. Despite this, the price remains down 37.33% from its all-time high of $103 set on Dec. 27, 2021.

Since rebounding from the $48.97 level on Feb. 21, Terra has seen four days of positive action in a row. The next hurdle for LUNA might be around the $69 mark if the asset continues to rise.

Luna Foundation Guard (LFG), a Singapore-based nonprofit, announced earlier this week that it would create a Bitcoin-denominated reserve as an additional layer of security for UST.

LFG announced on Tuesday that it had raised $1 billion for the reserve through private token sales, with buyers agreeing to lock up the coins for four years. Influential crypto investors Jump Crypto, DeFiance Capital and Three Arrows Capital sponsored the investment round, leading LUNA prices to rise at the time.

Crypto market rebounds

Bitcoin, Ethereum and other major cryptocurrencies have gained about 10% in the last 24 hours, nearly matching the previous day’s values. Bitcoin was trading at about $38,523 at the time of writing, up from a low of $34,322 on Feb. 24.

As the crypto market recovered from Thursday’s dips, traders betting against a rise in cryptocurrencies lost up to $386.36 million in liquidations over the last 24 hours. According to data from analytics service Coinglass, 77,687 traders were shorting the market or betting against a rise since liquidated.

Source: https://u.today/terra-luna-rises-25-as-crypto-market-rebounds