Will Terra LUNA Go Extinct After Being Delisted By Binance, Bybit And eToro? | Bitcoinist.com


Some projects have been more severely impacted by the bear market than others. However, no coin has endured greater hardship than LUNA, the governance token underlying the Terra ecosystem.

Due to its precipitous and rapid decline, Binance is currently trying to get rid of the coin.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to CoinMarketCap, the stablecoin was trading at $0.02074 at the time of writing. Numerous tokens on the crypto market have been hit by market volatility, with Bitcoin (BTC) falling below $27,000 to a 16-month low and Ether (ETH) falling below $2,000 for the first time since July 2021.

How To Get Free Crypto  

LUNA Hemorrhaging

The world’s largest cryptocurrency exchange stated it will delist its Tether (USDT)-margined Terra (LUNA) futures contracts following a nearly 100 percent decrease in price, costing the crypto community millions of dollars.

Suggested Reading | Robinhood Shares Rally 20% After FTX Founder Sam Bankman-Fried Acquires 7.6% Stake

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
LUNA has shed nearly 100% of its value. (Business Today)

Approximately two hours after Binance tweeted about the delisting, Terra shut down its whole network, leaving the circulating supply of 34 billion LUNA in stasis, before reactivating it.

Eliminating The (Un)stablecoin

Binance announced that it will remove cross and isolated margin pairings, spot trading pairs BUSD margined perpetual contracts on the coin, thus abandoning the wildly popular cryptocurrency.

In a blog post published on Thursday, Binance announced that it will take “precautionary actions” regarding its LUNA/USDT perpetual contracts, planning to delist the pair if its price falls below 0.005 USDT.

Coinbase Banner  

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

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

UST total market cap at $2.57 billion on the daily chart | Source: TradingView.com

The Sacrifice

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

UST has recovered $0.60 despite the LFG council’s recovery tactics.

Overnight, the UST price increased by 48.5% as the LFG rapidly burnt the algorithmic stablecoin to reestablish the peg.

Terra's Do Kwon is looking to make a sacrifice to keep UST peg alive. (Coingape)

Suggested Reading | Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

FreeBitcoin Banner  

In a proposal to token holders, the board suggested a 1 billion UST burn, equivalent to approximately $690 million. The enormous UST burn would remove the stablecoin from circulation and diminish TerraUSD’s selling pressure.

Meanwhile, as this developed, Bybit delisted LUNA/BTC and eToro, which does not have futures trading and leverage for crypto, got rid of LUNA/USD.

According to sources on Twitter, Crypto.com has also delisted LUNA and halted its withdrawals, although they have not yet announced it on social media.

Featured image from Omozua Isiramen, chart from TradingView.com

Go to Source
Author: Jet Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.