As LUNA continues its free fall, cryptocurrency users have expressed concerns about the massive dip’s ripple effect on the entire market.
As a result of the ongoing and doubtful decline, binance today decides to halt the futures trading of terra (luna). Binance futures will delist coin-margined luna perpetual contracts and update the leverage & margin tiers for usdt-margined luna perpetual contracts.
Binance Futures will conduct automatic settlements on the Coin-Margined LUNA Perpetual Contracts and delist the contracts on 2022-05-12 at 08:00 (UTC).
Binance Futures will update the leverage and margin tiers of the USDT-Margined LUNA Perpetual Contracts on 2022-05-12 with the new leverage and margin tiers. The max leverage of USDT-Margined LUNA Perpetual Contracts has been reduced to 8x.
The decision comes As LUNA, which had a market capitalization of over $40 billion a month ago, has recorded a significant loss of nearly $39 billion market cap in hours. The current market cap falls to $939M.
At press time, LUNA was changing hands at around $0.29 and ranked as the 67th largest cryptocurrency, with a market cap of $939M. Two days before, Luna was present in the top 10 cryptos but had fallen to 67th place in no time, causing deep concerns among investors.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
