Binance has decided to stop trading terra futures due to the continuous and uncertain drop (luna). As a result, coin-margined luna perpetual contracts will be delisted, and the leverage and margin tiers for usdt-margined luna perpetual contracts will be updated.
Binance to halt futures trading for Terra(LUNA)
On 2022-05-12 at 08:00, Binance Futures will conduct automatic settlements on the Coin-Margined LUNA Perpetual Contracts and delist the contracts (UTC).
On 2022-05-12, Binance Futures will update the USDT-Margined LUNA Perpetual Contracts’ leverage and margin tiers with the updated leverage and margin tiers. As a result, the USDT-Margined LUNA Perpetual Contracts’ maximum leverage has been decreased to 8x.
The choice is made. LUNA, which had a market valuation of over $40 billion a month ago, has lost approximately $39 billion in market capitalization in just hours. The current market capitalization is $939 million.
LUNA was trading at roughly $0.29 at press time, and it was the 67th most valuable cryptocurrency, with a market worth of $939 million. Luna had been in the top 10 cryptos two days prior but quickly slipped to 67th, causing investors great fear.