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In a post on Thursday, Binance said that it will take “precautionary measures” against LUNA/USDT permanent contracts. The company intends to remove the pair from the exchange if the price falls below $0.005 USDT. The announcement comes after Binance changed leverage and margin for lock contracts with LUNA on Wednesday, with maximum leverage at eight times for positions below 50,000. In addition, also on Thursday( May 12), Binance said that it will launch LUNA/BUSD futures contracts as an alternative investment vehicle if it delists LUNA/USDT. According to the exchange, it is experiencing a “slow and congested network” that has caused a large number of withdrawal transactions on the Terra network to be halted.
LUNA’s price has fallen more than 99% in the past 24 hours, reaching $0.004 so far after a sell-off. This volatility has affected many tokens in the cryptocurrency market, with the price of Bitcoin (BTC) dropping below $27,000, its lowest in 16 months, and the price of Ether (ETH) reaching below $2,000 for the first time since July 2021. On Tuesday, Do Kwon, co-founder of Terra, revealed a “recovery plan” for TerraUSD (UST). He added that he supports the community’s proposals to increase the mining capabilities of stablecoin algorithms. However, Kwon did not update anything further after luna price plummeted.
>>> Read more news about Binance: Binance temporarily suspends LUNA and UST withdrawal services
