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Binance is deleting LUNA futures, margin pairs and spot trading pairs

                                                            Die Kraft des Bärenmarktes hat einige Projekte stärker getroffen als andere.  Aber nein coin hat mehr Schmerzen durchgemacht als LUNA, das Governance-Token hinter dem Terra-Ökosystem.  Der Token ist so schnell gefallen, dass Binance – die größte Crypto-Börse der Welt – ihm den Rücken kehrt.

On May 12, Binance, the world’s largest cryptocurrency exchange, announced the suspension of perpetual contracts on the LUNA/USDT-Pair on after reducing authorized leverage to 8x.

The move comes after a series of events that caused LUNA’s price to plummet by more than 99%, causing investors in the crypto community millions of dollars in losses.

As previously mentioned, Binance Futures will perform an auto-settlement of the $LUNA USDT margined contract and then delist the futures contract on May 12, 2022 at 15:30 UTC.

— Binance (@binance) May 12, 2022

our recommendation Binance is deleting LUNA futures, margin pairs and spot trading pairs, Crypto Trading News

However, that was not enough. LUNA continued to fall with no sign of stopping. Just hours after the previous announcement, Binance said it was removing cross and isolated margin pairs, spot trading pairs BUSD margin contracts on LUNA, essentially saying goodbye to the so-hyped one cryptocurrency.

This step is not spontaneous. A day earlier, on May 11, Binance reduced maximum leverage on LUNA futures to 8x after seeing a massive wave of liquidations from over-leveraged positions. However, anyone trying to save a long leveraged position that day would have lost it as the LUNA token is currently trading at less than $0.005.

Yesterday, Binance CEO Changpeng Zhao warned via his official Twitter account that since it is a “new market” with new stablecoins, it is necessary to respect the market when trading, that “when they are hot, they are all the rage . [But] If they fall, it can be a vicious circle.” This news related to everything that happened with UST.

A lot of people asked me about the markets today. We have to respect the market, also with a certain amount of caution. It goes up and down cyclically. And above all, that it doesn’t always make sense. 1/4

— CZ 🔶 Binance (@cz_binance) May 11, 2022

The LUNA price collapses, putting several people out of business

On May 11th, the price of LUNA fell from $40 to less than $1. There were even people in the Reddit community who spoke of suicide, while others reported losing their life savings and home mortgages in the crash.
Top post on Terra’s Reddit forum. Image: Reddit
In less than a week, anyone who invested $100,000 in Terra’s project was down to just under $500 in total wealth. And this does not apply to those who keep their money in the “safe” USTstablecoin have frozen. Although UST was designed to be worth $1, the token plummeted from $1 to $0.2 – disastrous for any investor, conservative or aggressive.

My $2.8 million is literally worth $1000


— KSICRYPTO (@ksicrypto) May 12, 2022

For now, the team behind Terra (LUNA) has announced that they are working on concrete actions to bring the project back to life; So far, however, the measures taken do not appear to have had an impact on overall market sentiment.

Validators are applying a patch to disable further delegation and they will coordinate to restart the network in minutes.

— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022

The team behind Terra is now considering all proposals to revive LUNA and UST – even those that would have been unthinkable before, like changing the token algorithm. Today the Terra development team announced that the Blockchain stopped to “governance attacks after a strong inflation to be avoided by $LUNA”.

Therefore, although Terra founder Do Kwon said on May 11 that they are working to bring the project back, other exchanges may follow in Binance’s footsteps and delist LUNA/USDT trading until further notice.

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Source: Crypto News Deutsch

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