{"id":227310,"date":"2022-04-12T02:00:31","date_gmt":"2022-04-11T20:30:31","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=227310"},"modified":"2022-04-11T19:23:03","modified_gmt":"2022-04-11T13:53:03","slug":"terra-despite-usts-2b-reserves-why-is-luna-having-a-bad-day","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/terra-despite-usts-2b-reserves-why-is-luna-having-a-bad-day\/","title":{"rendered":"Terra: Despite UST’s $2B reserves, why is LUNA having a bad day"},"content":{"rendered":"

For investors looking for a refuge as their portfolios started to bleed, Terra [LUNA] looked like a safe bet. However, at press time, LUNA too seemed to be celebrating a Game of Thrones-style red wedding as it recorded both significant daily and weekly losses in price.<\/p>\n

As LUNA and the other top nine cryptos struggle to stay whole, here’s what you should know.<\/p>\n

A Terra-ble time for the bulls<\/h4>\n

At press time, LUNA was the ninth-largest crypto by market cap<\/a> and was switching wallets at $88.90. This was after losing 6.94% of its value in a day and 22.30% of its value in a week. In fact, LUNA recorded the biggest fall in terms of both daily and weekly price among the top-10 cryptos.<\/p>\n

Not surprisingly, LUNA’s trading volumes also took a hard hit along with the latest drop. LUNA volumes fell from above three billion to around 2.24 billion in close to two days.<\/p>\n

\"\"<\/a>
Source: Santiment<\/a><\/figcaption><\/figure>\n

Worth noting here is that the tremendous drop in trading volumes took place despite the news that the Luna Foundation Guard planned to add $100 million worth of AVAX to its reserve for the TerraUSD [UST] reserve.<\/p>\n

At press time, the official stats reported that the LFG reserves<\/a> had $1.68 billion in Bitcoin, $398.59 million in USD Coin [USDC], $372.36 million in LUNA, and $164.41 million in Tether [USDT]. In total, around $2.61 billion.<\/p>\n

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Welcoming $AVAX<\/a> as the second major layer one crypto asset next to $BTC<\/a> as part of the $UST<\/a> Reserve. <\/p>\n

The inclusion of @avalancheavax's native token marks the start of a diverse pool of layer one crypto assets helping support the $UST<\/a> peg. <\/p>\n

It's only just the beginning frens. https:\/\/t.co\/5utdQMVAiw<\/a><\/p>\n

— LFG | Luna Foundation Guard (@LFG_org) April 7, 2022<\/a><\/p><\/blockquote>\n