The investor’s risk appetite appears undamaged as speculations surrounding Terra’s LUNA go wild again.
Bitcoin could not reclaim the $30K value area today as investors anticipated a somewhat steady weekend for the crypto space. While publishing this content, BTC traded at $29,260.71, losing 3.82% over the past day (Coinmarketcap data). Such developments had the $30K level increasing becoming a challenging resistance.
The leading altcoin climbed towards the $31,000 mark before falling beneath $30,000 again. That emerged as the traditional markets’ trading week saw new warnings about another anticipated macro low.
Meanwhile, not everyone disappeared like dust in the crypto world settled. Bitfinex exchange saw long leverage expanding, having touched new ATHs already. That indicated Bitfinexors were loading despite current market conditions.
For now, bears control the cryptocurrency space. The global crypto market capitalization reflects the ugly mood in the market. While writing these lines, the cumulative value of all crypto tokens stood at $1.24 trillion, dropping 4.69% over the past day. Furthermore, fear dominates the spectrum.
Terra Induce Wild LUNA Moves
Today most crypto enthusiasts focus on Terra’s alternative token, LUNA. After losing almost 100% of its price in a week, the alt recorded a bounce off, surging massively. Though still a drop in the ocean compared to the ATHs of beyond $100. Nevertheless, the uptick was lucrative for near-term investors.
Though its supply ballooned to 6.9 trillion coins, LUNA subsequently surged 100x amid nears that Terra had strategies to resurrect its ecosystem. However, many remained in disbelief as far as the alt’s surges are concerned. Crypto analyst @Venture Coinist stated that LUNA is the only token in history to plunge to zero and surge 100 times in a week. He added that the alt requires some more of such an uptick to reach $1.
Nevertheless, LUNA might not be a buy or hold at the moment. Firstly, most exchanges, including Binance, delisted LUNA/USD. Also, prices fluctuate wildly each minute and between different trading venues.
While publishing this content, LUNA traded at $0.0006861, surging 1,831% within the past 24hrs (Coinmarketcap data).