Some projects were more severely affected by the bear market than others. However, no cryptocurrency has endured greater hardship than LUNA, the management token of the Terra ecosystem.
Due to its sudden and rapid decline, Binance is currently trying to get rid of cryptocurrencies. According to Binance, UST was trading at $0.132 at the time of writing. In addition, after these events, Bitcoin (BTC) fell below $ 27,000 the previous day, to a 16-month low, and Ethereum (ETH) fell below $ 2,000 for the first time since July 2021.
The world’s largest cryptocurrency exchange has announced that its Tether (USDT) margin Terra (LUNA) futures contracts will cost the crypto community millions of dollars after a nearly 100 percent drop in price. About two hours after Binance tweeted about the delist, Terra shut down its entire network before reactivating it, leaving the circulating supply of 34 billion LUNA stagnant.
Binance will remove cross and isolated margin pairings, spot trading pairs other than BUSD peri. announced that it will remove it, thereby abandoning the popular cryptocurrency. In a blog post published on Thursday, Binance announced that it will take “precautionary measures” regarding LUNA/USDT perpetual contracts and plans to delist the pair if its price drops below 0.005 USDT. On Wednesday, the exchange changed the leverage and margin levels for LUNA-linked contracts, setting the maximum leverage to 8x for positions below 50,000.
The decision of Binance, the largest cryptocurrency exchange by trading volume, affects a lot of investors.
Recovery Strategy
Terraform Labs CEO Do Kwon presented a recovery strategy for UST and LUNA. Kwon recommended massive destruction of the UST to reduce the amount of algorithmic stablecoin and stabilize it at $1. UST regained $0.60 after LFG council bailout tactics. The price of UST rose 48.5% overnight as LFG rapidly burned the algorithmic stablecoin to rebuild stablecoins. But these gains were later lost again. The Board proposed to token holders to burn 1 billion UST, equivalent to approximately $690 million, in a bid. The massive UST burn will remove it from circulation and reduce the selling pressure of TerraUSD. But there is nothing positive at the moment.
Meanwhile, the delists continue. Bybit delisted LUNA/BTC and eToro, which has no futures trading and leverage for crypto, got rid of LUNA/USD.
According to sources on Twitter, Crypto.com has also delisted LUNA and withdraws withdrawals. stopped.
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