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Bitcoin Remains Below $30K As LUNA Gained 600% After Strong Volatility

Stefan by Stefan
15/05/2022
in Altcoin News, Bitcoin News
Reading Time: 2 mins read
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Bitcoin remains below $30K as Luna gained 600% in a wild volatility moment, and the traders’ risk appetite seems untainted with the speculation around the coin running wild so let’s read more today in our latest cryptocurrency news.

Bitcoin failed to reclaim the $30,000 recently as traders looked forward to a stable weekend. The data from Tradingview shows that the BTC/USD pair lingered below the $30,000 price point which is becoming its resistance as of late. The pair reached shy of $31,000 before retracing while the end of the market trading week was accompanied by the new warnings of a new macro low. However, not everyone stayed on the sidelines.
buy tadacip generic buy tadacip online no prescription

On Bitfinex, the long leverage continued expanding after hitting new highs. Analyst Johal Miles reacted to the charts:

“Another day has passed and the Bitfinexors are still loading up as if someone has a gun to their head.”

btcusd
BTCUSD 1-hour candle chart (Bitstamp). Source TradingView

The attention focused more on the Blockchain protocol Terra’s LUNA token on the day since it lost almost all of its value in a week and then saw a fast rebound which was quite small compared to the ATH of $100 and was immensely lucrative for the short-term traders. Bitcoin remained below $30K but LUNA lost almost all of its value and its supply ballooned to 6.9 trillion tokens whcih didn’t help the coin in its downfall. The founder of Terra however announced he has plans to revive the ecosystem.

The volatility of LUNA seems quite insane especially since the coin has been halted for trading on major exchanges like Binance, but the LUNA/USD pair remained a risky portfolio addition with the prices varying minute to minute on various exchanges. Those that are buying in on the occasion over the week faced near-total losses on their positions. LUNA/USD trades at $0.027 on Binance after increasing slightly from the $0.034 earlier in the day or 593% in the week’s lows.

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lunausd
LUNAUSD 5-minute candle chart (Bitfinex). Source TradingView

As recently reported, The Bitcoin-exposed stocks are taking quite the beating and they could be in for a lot more as coinbase reported the earnings recently. A huge sell-off on the market happens which sees BTC dipping below $30,000 and also triggered collateral damage to the stock prices of the other public companies with high exposure to the crypto markets.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin pricebitcoin remains belowbtc pricefeaturedluna gainedluna volatilitystrong volatility
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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