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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.

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