Big blow to Terra (LUNA) due to fall in crypto market, Binance stopped trading!

The earthquake in the cryptocurrency market in the last two days has badly affected many digital currencies, and most of the digital coins have suffered heavy losses. However, there is one token that has been affected the most by this fall. The value of Terra (LUNA) fell so fast that Binance, the world’s largest crypto exchange, pulled Terra (LUNA) out of its projects. May 12 turned out to be the worst day for LUNA of the Terra ecosystem when crypto exchanges such as Binance pulled out of the token. Binance announced that it is suspending its permanent contracts with LUNA/USDT.

The reason for this was the great decline in Luna. Within 24 hours, the value of this cryptocurrency fell by 99 percent, causing millions of dollars in losses for Terra’s investors around the world. To de-list Luna announcement The talk did not stop till now. The cryptocurrency continued to fall even after this and Binance followed up with another announcement. crypto exchange declared Said that it is also eliminating the cross and isolated margin pair, the spot trading pair, for Terra Luna. That is, in a direct sense, Binance has taken Tera out of its platform.

A day earlier, Binance CEO Changpeng Zhao, via his official Twitter account, warned investors that it is important to respect the market when trading, as it is a new market and with new stable coins. When they go up they all have an edge, but when they start falling it turns into a loss circle. This message from Changpeng Zhao was related to the ongoing decline in Terra.

Data from CoinMarketCap shows that there has been a loss of $ 800 billion (about Rs 61 lakh crore) in the market value of cryptocurrencies in the last month. Almost all cryptocurrencies have continued to fall for the past several days and this is a massive drop. But stable coins are considered safe and the impact of the market downturn on them is negligible. USD Coin, Tether and Binance USD are some of the popular stablecoins and are pegged to the US Dollar. USDT and Terra LUNA are also among these stable coins. Even after the fall in the market, there is only a slight difference in their value. But in the case of Terra LUNA on Wednesday, the trend was reversed. This coin included in the list of stable coins fell 90% within a day, which crossed the 99 percent mark by the next day. <!–


Latest Tech News, Smartphone Reviews more popular Mobile For exclusive offers on Gadgets 360 Android Download the app and send us Google News Follow on.

Related news