Luna Foundation Guard (LFG) Liquidated Its Bitcoin Reserves to Save the UST Peg
Daily Market Wrap
Crypto market cap: 1.43 trillion, up 0.31%
BTC price stands at USD 31,269, up 0.04%
ETH price stands at USD 2,365, up 1.18%
Top gainer: Flow (FLOW), up 11.46%
Top loser: Terra (LUNA), down 56.02%
News of the Day
Luna Foundation Guard (LFG) liquidated its Bitcoin reserves to save the UST peg
Why it matters:
A total of 42,530 Bitcoin from LFG’s reserves was transferred to several wallet addresses, of which were split into 12.5k and 30k BTC going to separate ways
Caleb Franzen, the senior market analyst at Cubic Analytics, said “With the LFG essentially forced to liquidate BTC to stabilise the stablecoin, we have a major institution dumping thousands of BTC into the market,”
At the time of writing, Terraform Labs Founder Do Kwon has been keeping silent for over 12 hours since his last tweet earlier today “deploying more capital” without further explanation
Crypto daily spotlight
Azuki NFT Founder revealed his shady history of abandoning past projects
Brief introduction: Azuki is a collection of 10,000 avatars that give you membership access to The Garden metaverse, which is a corner of the internet where art, community, and culture fuse to create magic. The anime-style characters made it become one of the world’s best-selling NFT collections
Why it matters:
The pseudonymous founder of Azuki NFT, known as Zagabond on Twitter, disclosed his involvement with the projects Cryptophunks, Tendies, and Cryptozunks, all of which were abandoned by the team
Zagabond says Azuki is built on learnings from other project’s failures
Azuki’s floor price dropped dramatically to 10 ETH amid the crypto market crash
Daily sector tracker
Daily News Roundup
El Salvador Bought the Dip for 500 Additional Bitcoin Amid Market Drop https://bit.ly/391yAHf
Binance Suspends LUNA and UST Token Withdrawals due to Network Congestion https://yhoo.it/3M5tnNe
The Fed's Latest Report Came Out Warning About Stablecoin Run Risks on The Same Day UST Stablecoin Fell Below $0.85 https://bit.ly/3kWIM6w
Otherside NFT’s Floor Price Fell Below Its Mint Price to 2.45 ETH https://bit.ly/3M3V9tr
Argentina’s Central Bank Announces A Ban on Crypto Trading https://bit.ly/3Pa2kCn
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