According to Bloomberg News on the 29th, Bitcoin’s recent surge is being led by Korea’s largest cryptocurrency (virtual currency), Terra.
On the 29th at 6:40 am (Korean time), on CoinMarketCap, a global coin market relay site, Bitcoin recorded $48,033, up 4.44% from 24 hours ago.
It is the first time since December 31 of last year that Bitcoin broke through the $48,000 mark. As a result, Bitcoin has surged 16.82% in the last 7 trading days.
The reason why Bitcoin has been soaring recently is explained by the fact that Korea’s Terra is accumulating large amounts of Bitcoin.
According to CoinDesk, a media specialized in cryptocurrency, over the past 6 days, the Luna Foundation, which issued Terra, the largest cryptocurrency in Korea, has accumulated USD 1.3 billion (about 1.59 trillion won) of bitcoin.
According to Bloomberg News in the United States, Do Kwon (Korean name: Kwon Do-hyung), the co-founder and CEO of Terra, “conceived to have accumulated more than $1 billion in Bitcoin since the end of January.”
On March 22, he tweeted that he added $3 billion in additional funds to purchase Bitcoin to back the stablecoin (a coin that does not fluctuate in price), Terra USD (Ticker UST). said that there is
“The reason we are particularly interested in Bitcoin is because we believe it is the most powerful digital reserve asset,” Dokwon said in an interview with Bloomberg.
