One of the world’s largest cryptocurrency exchanges, Binance, recently decided it will go ahead with the decision to remove Terra’s native crypto LUNA and the UST stablecoin. The announcement reads:
Binance will remove and stop trading, close user positions, perform an automatic settlement and cancel all pending orders on the following margin trading pairs on 2022-05-13 00:40 (UTC).
Binance has named all the cross-margin and the isolated-margin trading pairs for LUNA and the UST stablecoin. In addition, it has also stopped trading spot pairs of LUNA and UST.
The collapse of the Terra ecosystem over the past week has forced many players and investors to liquidate. Of the top ten cryptocurrencies, Terra’s LUNA has turned to dust and is now trading at 0.000003.
As the UST stablecoin continues to lose its peg with the USD, it continues to generate more and more LUNA coins according to the Terra ecosystem algorithm. More than 15 billion LUNA coins have hit the market in the last 24 hours. This results in a further drop in price for the LUNA tokens. The Terra ecosystem has shut down the blockchain again. The last Updating is reading:
The Terra blockchain has officially stopped at block 7607789. Terra Validators have shut down the network to come up with a plan to rebuild it. More updates to follow.
Crypto Winter has just begun
There is a growing sense among crypto investors that we are already in a major bear market that could last for another two years. Crypto analyst Lark Davis explains:
If our Bitcoin 4-year cycle continues, then we would be looking for new highs in 2024 with a 2 year winter coming. I hope not, but food for thought.
Like ours #bitcoin 4-year cycle continues, then we would be looking for new highs in 2024 with a 2 year winter coming.
I hope not, but food for thought pic.twitter.com/3CzO6O5jrn
— Lark Davis (@TheCryptoLark) May 13, 2022
He further adds: “Bear markets in stocks tend to see a 33% decline and last 14 months. Assuming history rhymes and that too #crypto 2022 will follow and maybe even most of 2023 will be boring!”
Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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