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Bitcoin (BTC) Stays Below $30,000, LUNA Continues With 'Sick Volatility'

 


Bitcoin ( BTC ) has not yet managed to reestablish the $30,000 mark as support today, May 14th, which means that the outlook for the remainder of the weekend is quite volatile.


Bitfinex with record-breaking longs

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD settled below the $30,000 level on Saturday, which is fast becoming new resistance.


Shortly before, the Bitcoin price was able to advance almost to 31,000 US dollars before it went down again and back under the important hurdle. This is likely due to new macroeconomic warning signals.

But not all investors are deterred by this prospect, as the number of new long positions is currently increasing at record highs, as can be seen on the major crypto exchange Bitfinex.


"And even today, Bitfinex investors are again entering new long positions at a rapid pace," as crypto expert Johal Miles notes, referring to a corresponding chart.


Terra provides a little breeze

Nonetheless, most of the attention still remains on the blockchain project Terra ( LUNA ).


After the project almost completely collapsed in just a week, LUNA's price has recovered slightly today, but the rebound is downright tiny compared to the previous record high of well over $100.


Although the circulating amount of LUNA is now at 6.9 trillion. Currency units was inflated, the price of the cryptocurrency has now managed to achieve a 100-fold increase after the project announced a “ recovery ” of the ecosystem.


The strongly fluctuating price movements cause astonishment in the industry.

"LUNA's volatility is totally sick," as representative of Cointelegraph contributor Michaël van de Poppe notes . He adds that this week is at least interesting "for speculators".

However, trading in LUNA/USD is currently on hold on leading crypto exchange Binance , showing just how risky the cryptocurrency is given these massive swings at the moment.


The majority of crypto investors who nevertheless dared to invest in the Terra cryptocurrency almost exclusively made a total loss.


At press time, LUNA/USD is trading at $0.027 on Bitfinex, up from $0.034 at times. Still, a noticeable gain compared to this week's new record low of a measly $0.0049.

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