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Major crypto exchanges delist LUNA as price tanked 100%

Major crypto exchanges delist LUNA as price tanked 100%
TL;DR Breakdown
  • Luna, which had been trading at roughly $80 until last Saturday, had dropped to $0.00002446, shedding nearly 100% of its value.
  • Bybit, Binance, and top Indian exchange are delisting LUNA pairs.

After nearly 90% loss within a week, several crypto exchanges have begun to delist Terra (LUNA). Binance and Bybit have delisted LUNA trading pairs, and now top Indian exchanges, WazirX and CoinDCX, are beginning to follow suit.

LUNA delisted from Indian crypto exchanges

Luna, which was trading at around $80 per token as recently as last Saturday, plummeted to roughly $0.00002446 on Friday. During this time, the market capitalization of the cryptocurrency dropped from roughly $30 billion to around $230 million.

LUNA 7D graph coinmarketcap 2
LUNA 7D graph coinmarketcap 2

WazirX, which is India’s most popular crypto exchange in terms of trading volume, announced on Friday that it would delist the LUNA/USDT, LUNA/INR, and LUNA/WRX pairs. “Users will be able to withdraw their Luna funds by using Binance for free,” the platform stated.

CoinDCX, a crypto exchange, announced that it was removing UST and Luna from its app. CoinDCX removed terraUSD (a algorithmic stablecoin) and Luna (a sister token of terraUSD).

Please be advised that users may continue to trade the above assets using various pairing options provided on CoinDCX Pro and CoinDCX Web Platform.

CoinDCX

Bybit, Binance delist from LUNA

Some projects have been hit much harder than others by the bear market. However, there is no project that has suffered as much as LUNA, the governance token for the Terra ecosystem. The coin’s price has crashed so dramatically that Binance, the world’s largest cryptocurrency exchange, is abandoning it.

Binance has stopped offering perpetual contracts for the LUNA/USDT pair after lowering the authorized leverage to 8x as per its announcement on May 12.

That was not enough, though. The price of LUNA continued to drop without any indication that it would stop. Just hours after the previous announcement, Binance announced that it would be eliminating cross and standalone margin pairs, as well as spot trading pairs BUSD margin perpetual contracts on LUNA.

Binance CEO Changpeng Zhao warned users via his official Twitter account that it was critical to respect the market when trading it since it is a “new market” with new stable currencies and that “When they’re hot, they’re all the rage. [But] When they fall, things can get really ugly.” This statement relates to everything happening with UST.

Bybit has also delisted the LUNAUSD Inverse Contract, which was previously available on Binance and Crypto.com, on May 12 at 8 AM UTC. The news was reported by Bybit’s official website.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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