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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

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

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

  1. El Salvador Bought the Dip for 500 Additional Bitcoin Amid Market Drop

  2. Binance Suspends LUNA and UST Token Withdrawals due to Network Congestion

  3. The Fed's Latest Report Came Out Warning About Stablecoin Run Risks on The Same Day UST Stablecoin Fell Below $0.85

  4. Otherside NFT’s Floor Price Fell Below Its Mint Price to 2.45 ETH

  5. Argentina’s Central Bank Announces A Ban on Crypto Trading

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