Over $1.2B of Luna Foundation Guard’s Bitcoin Reserves Remains Unaccounted — BingX

Luna Foundation Guard (LFG) has accumulated a total of 70,736 bitcoins for UST as “foreign reserves” worth over $2 billion. The UST has been severely de-pegged recently, with LFG providing $750 million in bitcoin “loans” to over-the-counter firms and market makers to “help protect the UST’s peg against the U.S. dollar.” This means that LFG should still have more than $1.2 billion worth of Bitcoin in its reserves. But so far, the group has not provided any details about the funds. LFG’s public wallet address shows zero bitcoin balance.

According to Coinglass data, the current premium rate of Grayscale Bitcoin Trust is -29.46% and Grayscale Ethereum Trust is -31.09%. BTC is up 3.93% over the last 24 hours and has risen to an intraday high of $31,422.95. BTC bounced toward $30,000 on Friday, and has been trading around the $30,000 price zone during the weekend. The relative strength index (RSI) on the daily-chart is moving away from the oversold zone, suggesting the selling pressure has been reduced. The upside of the relief rally appears to be limited at the 20-day exponential moving average (EMA) ($33,830).

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Originally published at https://blog.bingx.com on May 16, 2022.