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, if the LUNA/USDT price drops below $0.005, it will be delisted from the exchange’s futures list. Kriptokoin.com As we have mentioned in the news, on May 10, leading cryptocurrency exchange Binance suspended LUNA and UST withdrawals until further notice. 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.
As mentioned previously, Binance Futures will conduct an automatic settlement on the $LUNA USDT-Margined Contract and then delist the Futures contract at May 12, 2022 3:30pm UTC.https://t.co/774JF0HcqP
— Binance (@binance) May 12, 2022
Joined other exchanges on BitMEX, LUNA margin trading being removed
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.
On 12 May 2022 at 20:00 UTC, BitMEX will delist the LUNAUSD and LUNAUSDT Perpetual Swap contracts.
More details are available on our blog: https://t.co/0Pq4lpNVsW
— BitMEX (@BitMEX) May 12, 2022
Luna’s crash was caused by 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.
