In a surprising turn of events, Bitcoin experienced a temporary surge to $138,000 on the Binance.US crypto exchange. This sudden spike occurred on the btc/tether trading pair but quickly reverted back to normal levels. In this video, we will explore the details of this unusual price wick and discuss the factors that may have contributed to it.

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Sources

https://twitter.com/IceRiverMiner/status/1670746841774964736

https://twitter.com/dynexcoin/status/1671052605936599040

https://videocardz.com/newz/intel-to-discontinue-a770-limited-edition

https://twitter.com/OspreyElectron/status/1664651651674939393

https://watcher.guru/news/1-5-trillion-asset-manager-invesco-reactivates-spot-bitcoin-etf-filing

https://twitter.com/bitcoinlfgo/status/1671171961555402753

https://twitter.com/bitcoinlfgo/status/1671176719737425921

https://watcher.guru/news/fed-chair-powell-says-crypto-appears-to-have-staying-power

https://www.coindesk.com/markets/2023/06/21/bitcoin-price-spikes-to-138k-on-binanceus/

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#wrappedluna #luna2.0 #luna #wluna #wlunacoin #wrappedlunacoin #wrappedlunatoken #lunatoken #wrappedluna2.0 #luna2.0

The crypto market has been battling probably its greatest selloff, which saw the TerraUSD (UST) stablecoin and its sister cryptocurrency, LUNA, lose more than 90% of value in practically no time.

The LUNA-pegged token wrapped LUNA (WLUNA), was also affected by this blow to the cryptomarket as its value depends on the performance of LUNA. Between 5 May 2022 and 23 May 2022, the value of WLUNA fell from $86.03 to $0.000209.2.
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Terra’s co-organizer, Do Kwon, launched a plan to fork the Terra blockchain on 18 May 2022 trying to return the token once again to its previous values. In any case, up until this point, the plan appears to have had no effect on the WLUNA token price. Will the token resurface and what’s next for the WLUNA crypto price prediction?

What is the wrapped LUNA token?
A wrapped token is a cryptocurrency pegged to the value of another cryptocurrency built to represent it on a separate blockchain. Wrapped coins can be recovered for the cryptocurrency that they represent at any given second and their function and operation is basically the same as that of stablecoins. In any case, instead of being pegged to fiat currency, their value mimics that of another digital asset.

Wrapped coins increase interoperability between blockchains that are usually planned such that makes it impossible to pass information between them.

Launched in August 2021, the wrapped LUNA (WLUNA) cryptocurrency is the compatible form of the LUNA coin built on the Ethereum (ETH) organization.

The LUNA token is the native cryptocurrency of the Terra ecosystem. LUNA is a staking protocol token. TerraUSD (UST) is a stablecoin pegged to the US dollar. UST tokens are printed each time LUNA tokens are scorched.

In the event that the value of UST goes above $1, the same amount of LUNA tokens would be scorched, stamping more UST and making the stablecoin less valuable. Notwithstanding, assuming that the UST is valued below $1, they can be swapped for LUNA, making the tokens more valuable.

WLUNA tracks the value of the original LUNA token on ERC-20 standards, which means it tends to be printed on the Ethereum blockchain and has utility with other decentralized finance (DeFi) protocols built on Ethereum. One LUNA can be exchanged for one WLUNA and vice-versa.
The wrapped luna coin price was on an upward pattern from the early days of its launch, closely following the 2021 flood of the LUNA token.

WLUNA to USD chart, August 2021 – May 2022

As the price of WLUNA is directly correlated to LUNA, the token’s 2021 success was driven by developments in the TerraLuna ecosystem.

Although WLUNA’s value dropped in January 2022, it switched and continued ascending until the finish of February 2022, when a more extensive crypto market sell-off wiped out nearly half of its value down to $52.71 on 24 February 2022.

At the start of March 2022, the WLUNA to USD price started to resurface once again and hit an all-time high of $117.98 on 5 April 2022 following a month’s pace of steady flooding as the double rewards for UST launched on Polkadot (DOT) via StellaSwap (STELLA).

Nonetheless, the token dipped by around 35% before long to $76.22 by 18 April 2022. Despite the fact that the token regained its value and traded at relative highs all through the remainder of April and the start of May, later wrapped luna token news saw its price dip by nearly 98% from $66.19 on 8 May 2022 to $1.4318 on 11 May 2022.

The WLUNA dip
In the second seven day stretch of May LUNA was still in the top 10 greatest cryptocurrencies. However, since UST lost its peg to the US dollar, the token – along with the wrapped LUNA coin – has been in freefall.

Many attributed LUNA’s freefall to broader negative crypto market opinion, which saw bitcoin (BTC), the .

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UST Terra US Dollar is crashing and lost its peg.

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