What a Time: Terra Halts Its Blockchain, Binance Suspends LUNA Trading
The end of LUNA is closer than we think and it’s likely going to be a tragic end for both investors and the company itself. LUNA saw a massive drop in the crypto market despite its purpose being to act as a lifeline or a survival boat for UST and even last year its price was at $100 because of the high demand for UST in the market.
However, since the disaster and de-pegging of UST, LUNA’s current price is more or less without value and this has made Terra suspend the blockchain in the hope that after a meeting, they will conclude or decide what to do, and then they will know the next step of action for LUNA. Whether the suspension is permanent it’s yet to be decided.
Nevertheless, investors are praying and hoping that there should be a way to save LUNA because of the funds that might go with it if it eventually dies because the previous measures taken to save it have so far not been successful. Terra stablecoins are currently trading at a very low margin, for LUNA the price is at $0.0001147, and for TerraUSD its current price is at $0.1964 according to coinmarketcap as at the time of writing.
Terra itself was not the only one who took the measures in suspending the blockchain, Binance has also, however, suspended the spot trading for both LUNA and UST earlier today and if you remember my last post Crypto Exchanges: Funds at Coinbase Are Safe Says Armstrong, Binance to Delist LUNA Contracts, I talked about how Binance said they will delist LUNA/UST if it falls below $0.005, well they have delisted the contract as of today.
There’s one thing that still bothers investors and that is crypto exchange platforms like FTX are still trading LUNA and UST despite the blockchain being suspended and so far they’ve gained over $300 million in volume on the LUNA futures. Now the question is what would be of FTX when the suspension becomes permanent and the Terra is completely removed from every platform because LUNA has gone almost to the bottom now in coinmarketcap listing.
Posted Using LeoFinance Beta