LUNA price hits new all-time high as Terra’s Co-Founder Do Kwon vows to implement “Bitcoin Standard”

LUNA price has hit a new all-time high as co-founder of Terraform Labs Do Kwon implements the “Bitcoin Standard.” Kwon recently announced that Terra would maintain Bitcoin reserves and purchase up to $3 billion in BTC. 

LUNA price hits record high $105.91

LUNA price crossed $105.91 hours ago, hitting a new milestone. Proponents are seeing a rise in bullish sentiment around the native token of the Terra network, LUNA, since Do Kwon’s announcement of establishing a Bitcoin reserve. 

The Luna Foundation Guard (LFG), a Singapore-based nonprofit, plans to purchase over $3 billion in Bitcoin to create an additional layer of security for UST, Terra’s logarithmic stablecoin. 

LFG has started accumulating Bitcoin, and the foundation’s wallet now holds $1.1 billion worth of BTC. Alongside Do Kwon’s announcement to purchase it, Bitcoinwitnessed a massive breakout and breached key resistance at $47,000. 

The LUNA price is up 7.7% overnight as demand for Terra ecosystem’s native token shows a surge. LUNA now ranks among the top-performing altcoins in the two years from March 2020. 

Analysts have evaluated the LUNA price trend and observed a break out of the symmetrical triangle. @ali_charts, a renowned crypto analyst, believes a close above $97.50 in LUNA price could send the altcoin to $122. 

@CryptoFaibik, a pseudonymous crypto analyst, has noted a bullish pennant formation in the LUNA price chart, which could trigger an upside breakout to push Terra 40% higher.