Skip to main content

Will Terra LUNA disappear from the market after crypto exchanges delist LUNA?

 


Market volatility over the past few days has been tremendous. Price setbacks of over 30 percent were not uncommon and spread across the entire market. LUNA was hit particularly hard. For days, the cryptocurrency has fallen over 90 percent and is currently trading at $0.000061.


This is terrifying considering LUNA was trading above $100 just a few weeks ago. But the scandals surrounding Luna and the stablecoin UST led to absolute disaster. 


LUNA bleeds out

Due to its rapid and rapid decline, Binance is currently trying to get rid of the coin. The world's largest cryptocurrency exchange announced that it will be delisting its Tether (USDT) marginal Terra (LUNA) futures contracts after a nearly 100% price drop, costing the crypto community millions of dollars.


About two hours after Binance tweeted about the delisting, Terra shut down its entire network, leaving the circulating supply of 34 billion LUNA at a standstill before reactivating it later in the evening.


Elimination of the (un)stablecoin

Binance announced that it will remove cross and isolated margin pairs, spot trading pairs, BUSD margin perpetual contracts on Luna, abandoning the hugely popular cryptocurrency.


In a blog post published on Thursday, Binance announced that it will take "precautionary measures" with respect to its LUNA/USDT contracts and plans to delist the pair if its price falls below 0.005 USDT.


On Wednesday, the exchange changed the leverage and margin levels for LUNA-linked contracts, setting the maximum leverage for positions under 50,000 to eight times.


As the largest cryptocurrency exchange by trading volume, Binance's decision affects the largest number of traders. Coinbase has more registered users and a larger presence in the United States than LUNA, despite never having been listed on the platform.


The sacrifice

Terraform Labs CEO Do Kwon presented a recovery strategy for UST and LUNA. Kwon recommended the massive destruction of UST to reduce the algorithmic stablecoin supply and stabilize its $1 anchor.


But so far there has been no indication of the “stablecoin”, which is actually supposed to permanently hold the value of $1, is currently at $0.13. In a proposal to token holders, the board suggested burning 1 billion UST, which is about $690 million. The huge UST burn would take the stablecoin out of circulation and reduce selling pressure on TerraUSD.


Meanwhile, Bybit delisted LUNA/BTC and eToro, which does not offer cryptocurrency futures trading or leverage, got rid of LUNA/USD in spot trading.


According to sources on Twitter, Crypto.com has also delisted LUNA and halted withdrawals, although they have yet to announce this on social media.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more