The New Covenant in His Blood

"This cup is the new covenant in My
blood, which is shed for you."
Luke 22:20

Matthew's account picks up even more:
"For this is may blood of the new
covenant, which is shed for many for
the remission of sins"
Matthew 26:28

The blood of Jesus was shed for our sins.
It is the sign of a new covenant that has
been instituted, a better covenant than
the old covenant under Moses.
"But now He [Jesus] has obtained a
more excellent ministry, inasmuch as
He is also Mediator of a better covenant,
which was established on better promises"
Hebrews 8:6

The reason for covenant is exchange:
Jesus took our sins that we might have His
righteousness.
"For He [God] made Him [Jesus] who
knew no sin to be sin for us, that we
might become the righteousness of God
in Him"
2 Corinthians 5:21

Jesus took our curse that we might have
His blessing.
"Christ has redeemed us from the curse
of the law, having become a curse for us
(for it is written, 'Cursed is everyone who
hangs on a tree'), that the blessing of
Abraham might come upon the Gentiles
in Christ Jesus"
Galatians 3:13,14

Jesus took our sicknesses so that we
might have His wholeness.
"Surely He has bore our griefs [literally
sicknesses] and carried our sorrows
[literally pains]. . . He was wounded for
our transgressions, He was bruised for
our iniquities.
The chastisement for our peace was
upon Him and by His stripes we are
healed"
Isaiah 53:4,5