Terra’s LUNA token jumped 25% in the last 24 hours
According to data from CoinMarketCap, Terra’s LUNA token has surged 25% in the past 24 hours as the overall cryptocurrency market has rallied. Terra’s 25% price surge nearly reversed losses from the previous day, when the crypto and traditional markets fell.
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 could be around the $69 mark if the asset continues rising.
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 has raised $1 billion for the reserve through private token sales, with buyers agreeing to lock the coins for four years. Influential crypto investors Jump Crypto, DeFiance Capital and Three Arrows Capital sponsored the investment round, driving LUNA’s prices higher 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 lows, traders betting against rising cryptocurrencies lost as much as $386.36 million in liquidations over the past 24 hours. According to data from analytics service Coinglass, 77,687 traders had been shorting the market or betting against a rise since their liquidation.
