LUNA Shoots for the Moon, Bitcoin, and Others Suffer

LUNA enjoyed the greatest price increase last week, with its value rising 32.3%, allowing it to reach all-time highs. Just behind it were MATIC (up 11.1%), STX (up 8.9%), and LEO (up 6.9%).

These might seem like modest increases compared to how well the best-performing cryptocurrencies have fared in previous weeks, but that’s because the crypto market overall had a tough week, with most cryptocurrencies dropping.

The major cryptocurrencies were among the fallers, including ETH (down 5.2%), BTC (down 15.1%), and SOL (down 8.9%). It could be a good opportunity to take advantage of swings for those with the right trading strategy, but it’s not for the faint of heart.

The Omicron variant is largely thought to be responsible for the dip in the market, with fears that COVID-19 will once again disrupt the global economy. Another factor is the high inflation caused by the effects of the pandemic so far, which has caused more uncertainty.

Once again, El Salvador President Nayib Bukele has taken advantage of the dip, this time purchasing 150 bitcoins. Other traders who are confident about the potential of cryptocurrencies in the future will no doubt be having similar trading ideas.

But despite a disappointing week for its price, there are still signs that bitcoin is edging toward mainstream acceptance.

None other than Goldman Sachs has begun to explore the possibility of offering loans that accept bitcoin as collateral. The firm has been researching how it can integrate bitcoin into its strategy for a while, and bitcoin-backed loans would allow Goldman to use cryptocurrencies without having to touch bitcoin directly or include it on their balance sheets.

One of the big stories last week was Twitter CEO Jack Dorsey’s resignation.  He’s already the CEO of payments platform Square and is heavily involved in the crypto world, so him stepping him down is likely to be part of a pivot to focus on this world.

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