Sunday, December 10, 2023

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

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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. 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 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.

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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