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The crash of LUNA has sent shock waves across the cryptocurrency market. A week ago, LUNA was one of the hottest tokens in the market, having hit an all-time high on April 5 and ranking as a top-ten cryptocurrency.
However, LUNA continues to dip to lower lows, and at the time of writing, the token was trading at $0.00002. Some people have lost huge sums of money following the LUNA crash.
Binance delists LUNA futures, margin trading and spot trading pairs
Following the devastating crash of LUNA, Binance, the world’s largest exchange by trading volumes, has announced halting perpetual contracts for the LUNA/USDT trading pair. Binance said it would have an automatic settlement of the LUNA/USDT margined contract before delisting the futures contract.
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However, even with Binance delisting LUNA futures, the token continued to plummet, causing Binance to issue another announcement saying it would suspend LUNA cross and isolated margin pairs and several spot trading pairs for the token. This dealt another major blow to LUNA, which is currently on its deathbed.
The CEO of Binance, Changpeng Zhao, warned his Twitter followers about making smart trading decisions and learning how to manage risks in the volatile cryptocurrency market. He also talked about stablecoins saying that they can cause ripple effects when they drop.
“Many asked me about the markets today. We need to respect the market with a level of caution too. It goes up and down in cycles. And especially the fact that it doesn’t always make sense,” Zhao said.
Traders cry over massive losses caused by the LUNA crash
Just last week, LUNA was trading at around $80, but now the price keeps further below $1. The largely unexpected crash caused massive losses to many traders. On Reddit, some LUNA investors said they had lost their savings and house mortgages following the crash. Some even said they were contemplating suicide.
LUNA is not the only thing causing losses because those who had staked their money in the UST stablecoin, whose value is supposed to be $1, are also crying because of the stablecoin’s depegging to around $0.20.
The Terra network has announced plans seeking to revive the project. However, none of these seems to be working, as the market sentiment surrounding the project continues to dampen.
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