The Bitcoin price remains under pressure in spite of the purchase
another $1.5 billion worth of Bitcoin via an over-the-counter deal with full-service digital currency prime broker Genesis and Crypto trading and venture capital firm Three Arrows Capital.As reported by U.Today, Terra started buying Bitcoin inin order to ensure the stability of the TerraUSD token, which is supposed to maintain its dollar peg.
Terra's Do Kwon expects that the non-profit’s Bitcoin holdings will eventually reach $10 billion, which will easily make it the largest single-wallet holder of the flagship cryptocurrency. The latest mission is meant to bolster the adoption of UST. Presently, business intelligence firm MicroStrategy remains the leading corporate Bitcoin holder with 129,218 coins that are worth $3.9 billion.Terra’s Bitcoin buying spree emerged as the new bull case for the crypto king after underwhelming performance in early 2022.
However, massive purchase failed to prop up the Bitcoin price. The top cryptocurrency is currently trading at $36,479 on the Bitstamp exchange after crashing more than 8% within a single day on Thursday.The UST stablecoin remains in tenth place with a market cap of $18.6. Last month, Terra became the first blockchain project to simultaneously have two cryptocurrencies in the top 10.
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