Bitcoin Remains Below $30,000 as LUNA Gains 600% During “Insane Volatility”

0
26

Bitcoin (BTC) failed to recover $30,000 on May 14 as traders looked forward to a relatively stable weekend.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

Bitfinex Aspirations Gain Strength

Data from TNZT Markets Pro and TradingView tracked BTC/USD as it lingered below the $30,000 mark, quickly turning into resistance.

The pair had hit just under $31,000 before rallying back as the market’s traditional trading week ended with renewed warnings of a new macro low to come.

Not everyone sat on the sidelines as the dust settled. On the major exchange Bitfinex, long leverage has continued to grow, having already reached all-time highs.

See also  Virginia County wants to invest pension funds in DeFi yield farming

“Another day has passed and Bitfinexors continue to load like someone has a gun to their head,” comments Johal Miles reacted next to a graph showing the trend.

Terra Plans Trigger Frantic LUNA Moves

However, more attention was focused on the LUNA token of the Blockchain Terra protocol that day.

Related: BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply by 3,500% overnight

After losing virtually all of its value in a week, LUNA has seen a tiny rebound from all-time highs above $100, but hugely lucrative for short-term traders.

See also  Armstrong sees an increase in the total number of crypto users

Although its supply soared to 6.9 trillion tokens, LUNA then appreciated 100 times from its floor price on the news that creator Terra intended to “revive” its ecosystem.

Faced with the price action, many were in disbelief.

“The volatility on $LUNA is absolutely insane,” TNZT contributor Michaël van de Poppe commentedadding that it was a “great weekend to scalp the trade a bit”.

5-minute LUNA/USD candle chart (Bitfinex). Source: Trading View

With trading already halted on major exchange Binance, LUNA/USD nonetheless remained a highly risky portfolio addition, with prices fluctuating wildly from minute to minute and between trading platforms.

See also  CityCoins expands its services through 11 new incubated projects

Conversely, those who bought in the majority of cases during the week suffered almost total losses on their positions.

At the time of writing, LUNA/USD was trading at $0.027 on Bitfinex, having hit $0.034 earlier in the day, 593% above the week’s all-time low of $0.0049 .

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of TNZT.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.