Even as LUNA price went haywire and gained 600%, Bitcoin failed to salvage lost ground and reclaim the $30,000 price. The insane appetite for risks among traders appeared undiminished, with speculation around LUNA defying all logic.
Even as traders were expecting a relatively steady end to the week, Bitcoin failed to claw back to $30,000. Data from both TradingView and Cointelegraph revealed that BTC/USD managed to reach just short of the $31,000 mark before it retraced its movement. The traditional trading week conclusion in the market was accompanied by cautions of more low for the macro.
But not everyone preferred to watch from the sidelines even as the action calmed down. Long leverage kept on expanding on Bitfinex, the major exchange, as it had already hit an all-time high.
Johal Miles pointed to a chart depicting the trend and commented that another day passed with the Bitfinexors continuing to load up as though they were being forced into it.
Rather Than Bitcoin, The Attention Remained Focused On The Astonishing Movement Of LUNA
But rather than Bitcoin, the attention remained concentrated on blockchain Terra’s LUNA token throughout the day.
After the loss of 99% of its worth within one week, LUNA rebounded, though the revival was little compared to the loss and also to the all-time peak value that went above $100. This movement, though, was alone to prove highly lucrative for the short-term speculators.
Despite having ballooned to over 6.9T tokens, LUNA managed to appreciate 100 times from above the floor price based on incoming updates that the creators of blockchain protocol Terra planned to revive the ecosystem. The price movement left traders and analysts staring in disbelief.
Luke Martin commented that LUNA remains the first coin in history to sink to zero and then rise 100 times, with all of that happening within a week. Commentator de Poppe termed the movement of LUNA insane, going on to note that it was an ideal week to go for some scalp trading.
As reports last came in, LUNA/USD was 593% above the bottom price of $0.0049 for the week.