Binance Resumes Spot Trading for LUNA and UST Post Crash -Breaking
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Post-Crash, Binance resumes spot trading for LUNA/UST- Binance resumed spot trade for LUNA/UST.
- All trading with these cryptocurrencies was stopped by the exchange the day before.
- LUNA was last traded at $0.00005, with an ATH starting from $119
The Binance crypto exchange announces that spot trading has been resumed for the trading pairs LUNA/BUSD/UST/BUSD. Spot trading has been reopened by the exchange at 14:00 UTC today. Moreover, the trading will be simultaneous with deposits and withdrawals of LUNA/UST.
In detail, Binance unrolled this decision following Terra’s tweet that it has resumed block production on May 13, 2022.
Block production has been resumed by the blockchain.
On-chain swaps have been disabled by validators, IBC channels are closed now.
It is encouraged for users to link off-chain assets such as bETH to their native chain.
Not available: Wormhole bridge
— Terra (UST) Powered by LUNA (@terra_money) May 13, 2022
LUNA’s plunge in price caused a significant shakeup of the crypto market. Currently, LUNA’s price is $0.00005108. This represents a nearly 99% decline.
LUNA also crashed heavily during this market drop. LUNA fell to $119 from an all-time peak of about $119 at the time of this article.
This was accompanied by the crash of TerraUSD, a stablecoin that dropped to $0.1 right now. One can argue that TerraUSD’s crash caused LUNA to plunge to unprecedented lows.
Despite all the events of the past week, LUNA appears to be in recovery. Do Kwon (the founder of Terraform Labs) announced his recovery plans via a series tweets.
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