Trading Volume Of Terra Soars To 200% As A Steep Recovery Occurs

Trading volume of Terra soars to 200% as a steep recovery occurs

The Terra (LUNA) ecosystem spiraled down in just seven days, with prices plummeting from $85 on May 5 to practically $0 on Thursday. As the market began to understand what had happened, the trading volume of LUNA increased by almost 200 percent over the weekend.

LUNA investors replicated the price drop as a result of TerraUSD de-pegging, which destroyed the LUNA market.

Despite the hazards, Terra’s “crazy volatility” appeals to many short-term investors, owing to the fact that LUNA surged 600 percent in value.

The trading volume of LUNA increased by nearly 200 percent to $6 billion as investors tried to recoup their losses and others try to profit from Terra’s rebound. Over the previous two years, the LUNA ecosystem consistently registered over $2 billion in trade volumes until the crisis.

Users on Crypto.com were concerned that LUNA trades will be reversed on the exchange’s mobile app.

All users were temporarily barred from trading on Crypto.com. Marszalek told everyone that all user accounts had been re-enabled after a day of reviewing the alleged system malfunction.

The RBI told a parliamentary committee that cryptocurrencies could lead to the dollarization of a portion of the economy. It will severely impede the RBI’s ability to set monetary policy and control the country’s monetary system.

While central bank officials acknowledge that virtual currencies have the opportunity to become operational currencies that could eventually replace the rupee, they remain skeptical. They claim that because digital currencies potentially replace a component of the monetary system, the RBI’s ability to oversee the flow of money in the economy will be harmed.

Cryptocurrencies will have a negative influence on the banking system since people will start investing their hard-earned money in crypto, leaving the bank with fewer money and resources to lend.

Not only are cryptocurrencies used in terrorist financing, money laundering, and drug trafficking, but they also pose a threat to the country’s financial stability.

Square Enix announced in its Q1 financial results that in terms of its medium-term business plan, it will include NFTS in more game offerings.

More at: FXreviewtrading.com

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