Things are not getting any better for the Terra ecosystem as Binance now decides to delist LUNA and UST. trading pair.
On May 13, Binance, the world’s largest cryptocurrency exchange by volume, posted a notice that it was removing some margin and spot trading pairs.
The exchange added that it will remove and stop trading at 00:40 UTC, close users’ positions, perform automatic payments and cancel all pending orders.
Spot trading pairs to be removed include LUNA/BTC, LUNA/BIDR, LUNA/AUD, LUNA/BNB, LUNA/ETH, LUNA/USDT, LUNA/GBP, LUNA/BRL, LUNA/TRY, and LUNA/EUR.
It also halted trading activity for the UST stablecoin by removing the BTC/UST, LUNA/UST, ETH/UST, BNB/UST and UST/USDT pairs. The company also stole the perpetual contract LUNA/BUSD with BUSD margin.
Terrible time at Terra LUNA
According to CoinGecko, the move came as LUNA plummeted to zero or $0.00001944 at the time of writing. The tokens are now officially 100% lost as reported by the platform and the circulating supply is a whopping 6.5 trillion tokens. Goldbug and crypto scoundrel Peter Schiff couldn’t refuse to boot with it. Twitter:
“Terra Luna provides a perfect example of why you shouldn’t always “buy the dip”. Yesterday Luna was down 98%. If you bought the drop thinking the crash gave you a big buying opportunity, you lost 99.3% today. This can happen with any cryptocurrency.”
UST still hangs there, but barely. At one time, the third-largest stablecoin was at $0.168 at the time of reporting, but it was much lower on some exchanges, according to industry analyst Colin Wu.
according to Korean Publishing, the police are investigating reports of an unknown person visiting the home of Terraform Labs CEO Kwon Do-hyung. Kwon’s spouse asked the police to designate an emergency person for personal protection.
The Terra blockchain was discontinued on May 13th, allowing validators to “plan to rebuild”.
Tether drops stakes.
The world’s largest stablecoin by market cap was also affected by the collapse of Terra. Tether is currently trading just below the $0.998 peg, according to CoinGecko. The stablecoin fell to $0.98 on May 12.
Circle’s USD coin appears to be the only stablecoin currently bullish. USDC actually traded above the peg, surged to $1.06 on May 12 and then returned to the dollar.
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