Terra's strategy for acquiring BTC

Terra is a decentralized blockchain platform that produces stablecoins. Terra USD (UST) is an algorithmic stablecoin pegged to the US dollar (LUNA).

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But details are few at the moment. Terra will not sell its indigenous asset LUNA to grow its reserves, Kwon announced on Twitter on Monday.

Kwon also predicted that its stablecoin TerraUSD (UST) will "signal a new monetary era for the Bitcoin standard."

"P2P electronic money that is more easy to use and store," he said.

When asked Kwon whether the plans were already in motion or only being floated now, he replied simply:

"I'm not sure why it matters; we already buy Bitcoin."
The BTC reserves will be used to backstop short-term UST redemptions and build a decentralized FX reserve, Kwon told Twitter followers.

"We begin acquiring BTC and Twitter verifies me, I see you Jack," Kwon tweeted later, referring to Bitcoin bull and former Twitter CEO Jack Dorsey.

Kwon has mentioned strengthening Terra's stablecoin reserves twice in less than a month.

TFL gave 12 million LUNA to the Luna Foundation Guard LFG on Friday (roughly $1 billion at current pricing) to promote the Terra ecosystem's development and the longevity of its stablecoins.

UST's market value is now $15.12 billion, according to Coingecko.

Bitcoin's price up after the US Federal Reserve raised interest rates

Among the cryptocurrencies, Avalanche has had the most substantial price rise, about 10%.

This comes after a long period of rather consistent behavior around $39,000. After a $3,000 rise to a daily high of almost $41,500, the asset fell to $39,000.

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The bulls, however, reappeared and pushed BTC beyond $40,000. A recent Federal Reserve meeting sent the Bitcoin below that threshold.

BTC dropped over $1,000 in minutes after Fed Chair Jerome Powell announced a 25 basis point rate hike. Nonetheless, the asset soared to a high of $41,000.

Currently, bitcoin is trading slightly over that prior price line, but it is still up 1% from yesterday's close, and its market value is approaching $800 billion.

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While alternative currencies saw market fluctuations yesterday, most are still in the black daily.

Ethereum is up 3% to above $2700. In recent days, the second-largest crypto plummeted below $2,500.

Binance Coin, Ripple, Dogecoin, Shiba Inu, and CRO all saw rises. Solana and Cardano are up almost 4% to $87 and $0.85.

Among the larger-cap alts, Avalanche is up 9.5 percent. As a result, AVAX is already nearing $80.

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The Sandbox also does well (7.5%), thanks to a big HSBC partnership.

The cryptocurrency market value has risen by almost $110 billion in two days and now exceeds $1.8 trillion.