Traders’ risk appetite appears to be unaffected as LUNA speculation reignites. Bitcoin (BTC) failed to recoup $30,000 on May 14 as traders anticipated a reasonably calm weekend.
Bitfinex longs gather strength
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it remained below $30,000(R487K), which is very quickly becoming resistance.
The pair had reached just shy of $31,000(R503K) before retracing, and the end of the traditional market trading week had been accompanied by additional warnings of an impending new macro low. As the dust settled, not everyone remained on the sidelines. Long leverage on the key exchange Bitfinex continued to rise, having previously reached all-time highs. Long leverage on the key exchange Bitfinex continued to rise, having previously reached all-time highs.
“Another day has passed and the Bitfinexors are still loading up as if someone has a gun to their head,” commentator Johal Miles reacted alongside a chart showing the trend.
Terra’s plans spark frantic LUNA moves
On the day, however, the spotlight was on blockchain platform Terra’s LUNA coin.
After losing nearly half of its value in a week, LUNA had a minor return compared to its all-time highs above $100(R1 623), but it was extremely profitable for short-term traders.
Despite its supply growing to 6.9 trillion tokens, LUNA rose 100 times from its floor price on reports that Terra’s founder had intentions to “revitalize” the ecosystem.
Many people were taken aback by the price movement.
“The volatility on $LUNA is simply wild,” said Cointelegraph contributor Michaal van de Poppe, adding that it was a “perfect weekend to scalp trade a little.”
Despite the fact that trading on major exchange Binance had already been halted, LUNA/USD remained a highly risky portfolio addition, with prices changing drastically from minute to minute and between trading venues.
Those that bought in on the majority of occasions over the week, on the other hand, suffered near-total losses on their positions.
LUNA/USD was trading at $0.027(R0.44) on Bitfinex at the time of writing, having risen to $0.034(R0.55) earlier in the day – 593% higher than the week’s all-time lows of $0.0049(R0.080).