Bitcoin remains below $30K as LUNA gains 600% during ‘crazy volatility’


Bitcoin (BTC) did not collect $30,000 until May 14, as traders expected a relatively stable weekend.

BTC/USD 1-Hour Candle Chart (Bitstamp). Source: TradingView

Bitfinex Long joins forces

Cointelegraph Markets Pro and trading view Following BTC/USD, it stayed below the $30,000 level and now quickly finds resistance.

The pair reached a level just below $31,000 before reversing, and the end of the traditional market trading week was accompanied by new warnings of a new macro low.

Not everyone was around while the dust settled. Long leverage continues to expand on major exchange Bitfinex, already hitting all-time highs.

Commentator Johal Miles said, “It’s been another day and Bitfinexors are still loading as if someone was pointing a gun at their head.” reaction With charts showing trends.

The Terra plan sparks a frenetic LUNA movement.

Nevertheless, attention was focused on the LUNA token of Terra’s blockchain protocol that day.

RELATED: BitKwonnect? The ‘Luna Brothers’ moment sees Terra inflate their token supply by 3,500% overnight.

After losing nearly all of its value in a week, LUNA saw a modest rebound from its all-time high of over $100, but a huge return for short-term traders.

Despite a surge in supply to 6.9 trillion tokens, LUNA appreciated 100x from its lower price cap when it heard that creator Terra plans to “revive” the ecosystem.

Many who faced the price action could not believe it.

“The volatility of $LUNA has been absolutely insane,” said Cointelegraph contributor Michaël van de Poppe. comment“It’s a bit of a good weekend for a scalp deal,” he added.

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LUNA/USD 5-Minute Candle Chart (Bitfinex). Source: TradingView

With trading already suspended on major exchange Binance, LUNA/USD still remained a very risky portfolio addition and its price fluctuated significantly from time to time between trading venues.

During the week, those who bought in most cases, on the contrary, faced almost total losses from their positions.

As of this writing, LUNA/USD was trading at $0.027 on Bitfinex, rising to $0.034 a day earlier, 593% higher than this week’s all-time low of $0.0049.

The views and opinions expressed herein are solely those of the authors and do not necessarily reflect the views of Cointelegraph.com. All investments and trading involve risks and you should do your own research when making decisions.



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