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.