Bitcoin‘s recovery to $43,000 sets the stage for the upcoming spot Bitcoin ETF session, while LUNA, known for its volatile price movements, experiences a notable rise. The price of LUNA has climbed to $0.78 following a last-minute announcement, sparking interest in the cryptocurrency’s sudden increase.
The U.S. Securities and Exchange Commission (SEC) appears open to postponing the ongoing legal proceedings against Do Kwon, related to the Terra case. While this may seem positive in the short term, it is clear that the SEC has not abandoned its intention to prosecute Kwon. However, LUNA Coin’s price is sensitive to such news, often reacting with excessive optimism, making its current rise somewhat expected.
The surge in LUNA’s price is driven by significant buying activity, indicating the potential for further increases. However, if past patterns repeat, the price may soon reach an attractive point for selling, prompting speculative traders to rapidly decrease their holdings.
Confirmation of Reuters’ announcement or additional statements could fuel a peak in LUNA’s price before a possible sell-off. Market participants are closely monitoring these developments, as they could significantly impact LUNA’s short-term trajectory.