Things are not getting any better for the Terra ecosystem as Binance has now decided to delist LUNA and UST trading pairs.
On May 13, Binance, the world’s largest crypto exchange by volume, issued a notice removing certain margin and spot trading pairs.
The exchange added that it will remove and cease trading, close users’ positions, conduct an automatic settlement, and cancel all pending orders at 00:40 UTC.
Spot trading pairs to be removed included LUNA/BTC, LUNA/BIDR, LUNA/AUD, LUNA/BNB, LUNA/ETH, LUNA/USDT, LUNA/GBP, LUNA/BRL, LUNA/TRY and LUNA/EUR.
It was also ceasing trading activity for the UST stablecoin, removing the following pairs: BTC/UST, LUNA/UST, ETH/UST, BNB/UST, and UST/USDT. The company also axed the BUSD-margined perpetual contract LUNA/BUSD.
Terrible times for Terra LUNA
The move comes as LUNA has fallen to zero, or $0.00001944 at the time of writing, according to CoinGecko. The token has now officially lost 100% as reported by the platform and the circulating supply is 6.5 trillion tokens. Goldbug and crypto detractor Peter Schiff couldn’t resist putting the boot on with this Tweeter:
“Terra Luna provides a perfect example of why you shouldn’t always “buy the dip.” Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity you lost 99.3% today. This can happen to any crypto.”
UST is still hanging in there, but barely. The third-largest stablecoin was hovering around the $0.168 level at press time, however, it was much lower on some exchanges according to industry analyst Colin Wu:
According to a South Korean publication, police are investigating a report that an unknown person visited the home of Terraform Labs CEO Kwon Do-hyung. Kwon’s spouse has requested the police to designate a person for emergency personal protection.
The Terra blockchain was shut down on May 13, to allow validators to “work out a plan to get it back together.”
Tether drops its peg
The world’s largest stablecoin by market capitalization has also been affected by the fallout from the Terra collapse. Tether is currently trading just below its peg at $0.998 according to CoinGecko. The stablecoin dropped as low as $0.98 on May 12.
Circle’s USD Coin seems to be the only strong stablecoin at the moment. The USDC actually traded above its peg, briefly hitting $1.06 on May 12 before falling back to one dollar.
