One of the world’s largest cryptocurrency exchanges Binance has recently decided that it will move ahead with the decision of deleting Terra’s native crypto LUNA and the UST stablecoin. The announcement reads:
Binance will remove and cease trading, close users’ positions, conduct an automatic settlement and cancel all pending orders on the following margin trading pairs at 2022-05-13 00:40 (UTC).
Binance has mentioned all the cross margins as well as the isolated margins trading pairs for LUNA as well as the UST stablecoin. Besides, it has also stopped trading for spot pairs of LUNA and UST.
The collapse of the Terra ecosystem over the last week has forced many players and investors to liquidate. From being the top ten cryptocurrencies, Terra’s LUNA has moved to dust, now trading at 0.000003.
As the UST stablecoin continues to lose its peg with the USD, it continues to generate more and more LUNA coins as per the Terra ecosystem algorithm. Over 15 billion LUNA coins have been added to the market in the last 24 hours. This is resulting in further price collapse for the LUNA tokens. The Terra ecosystem has halted the blockchain once again. The latest update reads:
The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come.
Crypto Winter Has Just Started
There’s a growing sentiment among crypto investors that we are already in a major bear market that could last for two more years. Crypto analyst Lark Davis explains:
If our Bitcoin 4 year cycle keeps playing out then we would be looking for new highs in 2024 with a coming 2 years of winter. I hope not, but food for thought.
If our #bitcoin 4 year cycle keeps playing out then we would be looking for new highs in 2024 with a coming 2 years of winter.
I hope not, but food for thought pic.twitter.com/3CzO6O5jrn
— Lark Davis (@TheCryptoLark) May 13, 2022
He further adds: “Bear markets in equities tend to see a 33% draw down and last for 14 months. Assuming history rhymes and also that #crypto follows then 2022 and maybe even most of 2023 are going to be boring!”
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