Terra (LUNA) price is about to add two more zeros after falling below $1.00. It is trading at $0.01489 at the time of writing, down 99.43% in the last 24 hours. Thus, it collapsed 99.99% from the ATH price of $ 119.18 on April 5. While the first delist news for altcoin comes from South Korean cryptocurrency exchanges, Binance and Bitmex are starting to take precautions.
Binance LUNA stops USD leveraged trading
According to the official announcement from Binance’s website, LUNA/USDT will be delisted from the exchange’s futures list if the price drops below $0.005. As we have mentioned in the news of Kriptokoin.com, on May 10, the leading cryptocurrency exchange Binance suspended the withdrawals of LUNA and UST until a second announcement. According to the following announcement made during the day, the USDT-LUNA leverage and margin tiers have been reduced to a maximum of 8x. Additionally, LUNA/BUSD, LUNA/USDT, LUNA/BTC cross margin pairs, LUNA/BUSD, LUNA/USDT, LUNA/BTC, LUNA/ETH and LUNA/UST isolated margin pairs are now delisted. If it falls below $0.005, LUNA (LUNA/USDT) will be completely delisted.
Joins other exchanges on BitMEX, LUNA removing margin trades
Another delist news came from BitMEX. Luna Perpetual Swaps, which make up the bulk of the exchange’s cryptocurrency volume, have been removed from the list. The exchange made the announcement a few hours after Binance’s post about the derivative’s removal from the platform.
Luna’s crash was caused by the price instability of the IHR. Due to the massive increase in the number of UST sell orders and the lack of exit liquidity, Stablecoin began to slowly lose its link with the USD and at one point dropped to $0.22. Despite having billions worth of BTC as collateral to support UST, Luna Foundation Guard failed to do so even after completely emptying the wallet. In fact, the foundation put additional selling pressure on Bitcoin, which pushed its decline to $26,000.
BitMEX remains one of the largest cryptocurrency exchanges in the world, despite a series of scandals attached to it during the 2017-2018 crypto market period. In the last 24 hours, the exchange reported $2.5 billion in trading volume.
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