Floki Inu Soars to New Heights in the Cryptocurrency Market
Leave a comment
Your email address will not be published. Required fields are marked *
2022-05-13 | Selina Mathew
Nothing can keep a Bitcoin bull down for long, and BTC is back above $30,000 following a 30-percent increase in 24 hours.
On May 13, bulls rushed in to propel the market to almost $31,000, bringing Bitcoin (BTC) back to life.
The RSI for Bitcoin is solidly oversold.
In the aftermath of the Terra incident, data revealed 24-hour gains of 30% for BTC/USD.
Bitcoin showed little appetite for further bearishness after "kissing" its realized price of $24,000, as record on-chain activity mixed with coins fleeing exchanges en masse.
According to statistics from on-chain analytics company CryptoQuant, which covers 21 key platforms, exchange balances fell by about 24,335 BTC on May 11 and 12.
Over the same period, outflows were roughly 168,000 BTC, while inflows from those looking to sell were nearly as high, as panic spread over the Terra (LUNA) and TerraUSD (UST) tokens, as well as Tether, the largest stablecoin (USDT).
Despite the fact that LUNA's value plummeted to almost zero and its blockchain was shut down, Bitcoin rose as the immediate impact of the instability faded.
CryptoBullet, a prominent trader and TradingView contributor, commented on Twitter, "This is a heck of a reversal candle."
Your email address will not be published. Required fields are marked *
