BitMEX has joined an array of exchanges in Luna’s delisting process after the token drops even further
One of the world’s leading cryptocurrency derivatives exchanges, BitMEX, has announced the delisting of Luna Perpetual Swaps which generated the majority of digital asset volume on the platform.
The exchange made the announcement several hours after Binance’s post about delisting the derivative from the platform. A series of delistings was followed by Luna’s devastating market performance: the asset lost around 99.88% of its value in a matter of days.
Such a rapid drop in Terra’s Luna was caused by the UST de-peg. Due to the massive spike in the number of UST sell orders and a lack of exit liquidity, the stablecoin began to slowly lose its link to the US dollar and at one point fell to 0.22 $.
Despite having billions worth of BTC as collateral for backing up the UST, Luna Foundation Guard has failed to do so even after completely emptying the wallet. In fact, the foundation has created additional selling pressure on Bitcoin, which fueled its dump to $26,000.
BitMEX still remains one of the largest cryptocurrency trading platforms in the world, despite a number of scandals related to it during the 2017-2018 crypto market era. In the past 24 hours, the exchange recorded a trading volume of $2.5 billion.
