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Terra (LUNA) fell by 2.68 percent to end Thursday at $86.87 despite plans to increase the (BTC) reserve to $10 billion.
On Monday, LUNA had rallied by 8.38 percent in response to Bitcoin (BTC) reserve news before sliding back to a current week low of $84.70.
The pullback comes despite positive network news that supported last week’s brief return to $100 levels and a new ATH.
Last week, the Anchor Protocol (ANC) contributed to increased demand for UST. Anchor, built on the Terra blockchain, is a DeFi platform currently offering annualized percentage yields of close to 20 percent on Terra stablecoins.
This week, LUNA and Terraform Labs founder Do Kwon announced plans to build a $10 billion Bitcoin (BTC) reserve to set a new Bitcoin standard era.
The announcement is aligned with Kwon’s aim to make the Terra Protocol one of the biggest Bitcoin holders. Earlier this month, Do Kwon announced on Twitter that the Terra Protocol will be one of the largest holders of $BTC.
Do Kwon’s goal of $10bn in Bitcoin reserves follows last month’s private token sale.
Do Kwon even finalized a $10 million bet with GCR, or Gigantic Rebirth, over whether the price of Luna will be higher or lower in a year.
Both parties sent $10 million in stablecoins to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie.
