Although Bitcoin (BTC) rose to $ 30,000 the other day, it could not exceed this level over the weekend. The data followed BTC/USD as it remained below the $30,000 level, which has now quickly turned into resistance. Meanwhile, new Terra (LUNA) plans have skyrocketed the price of altcoin LUNA, which dropped to zero. Here are the details…
LUNA jumped
Although Bitcoin is trying to exceed $30,000, attention is still focused on the LUNA token of Blockchain protocol Terra. After losing almost all of its value in a week, LUNA has seen a small but highly lucrative recovery for short-term traders compared to all-time highs above $100. With a 6.9 trillion token supply, the coin has gained 100 times its base price on news that Terra plans to “revive” its ecosystem. Faced with the price action, many could not believe it.
Celebrity analyst Michaël van de Poppe said, “The volatility on LUNA is absolutely insane. ”, adding that it was “a great weekend for some distraction with trading.” While trading on the Binance exchange has already been suspended, LUNA/USD still remains a highly risky portfolio asset whose prices fluctuate from minute to minute. Those who bought most of the week during the week, on the other hand, faced almost total losses in their reverse positions. The cryptocurrency is changing hands at $0.000568851570, up 4,870 percent at the time of writing.
Terra events: What happened?
As reported by Cryptokoin.com, Terraform Labs co-founder Do Kwon made a proposal to protect the Terra ecosystem after its algorithmic stablecoin UST diverged from the dollar and Terra (LUNA) tokens collapsed to near zero. “The Terra community must rebuild the chain to preserve the community and developer ecosystem,” Kwon said in a post Friday on Terra’s research forum. His proposal, submitted in response to validator groups discussing the possibility of forking the Terra chain, includes compensating UST and LUNA holders who were unable or unwilling to sell their holdings during this week’s price crash.
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