We have some really big updates to talk about for Terra\Luna, Terra/Usd right now. I’m going to get straight into this and have a look at this Binance. It has officially removed Terra Luna, Terra USD from their trading. So, have a look at this notice of removal of trading pairs and updates on tick size for spot trading pair today. This has just come out today and it says right here fellow financials. Binance will remove and cease trading close users positions conduct an automatic settlement and cancel all pending orders on the following margin trading pairs on the 13th of May 2022 at 12 40 am UTC. This is breaking news and this is really unfortunate in the crypto space to see that.
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Because if we followed the journey of Luna. This ride has been absolutely insane and it’s a crypto that basically went so high and it was on its journey pretty much up to the Moon 116 and this thing has now collapsed down to 0.005 cents right now. So, it is in the total death spiral, it looks very unfortunate to see what is going on with Terra Luna right now and Terra USD. The crypto so this one his job was to get to one dollar on the market, so it needed to maintain a peg of one dollar. We can see right here it all started to kind of fall apart on the 10th the 9th of May. There was a little bit of a blip on the radar back on the 8th of May. So, you can actually see that it did drop down a little bit then but it was really the 9th the 10th of May, where this thing started to collapse. It did fight back. A lot of people at this level thought it was coming back to its peg at around the 84-85 cent level and it did maintain a peg at around 90 cents. But then it started to struggle again down to 79 72 cents bounced back up and then you can see it kind of drop all the way down here to around 29 cents. It did fight back again but then it dropped again to 29 cents another brave recovery up to 81 cents. But then it was just a downward kind of spiral right here.
We’ve just had the big news from CZ from Binance itself that it will be removing Terra Luna. It will be removing UST and that does spell ultimately some really big trouble for this cryptocurrency. This is not looking good at all for Terra USD, not looking good for Terra Luna and it is a reminder of some of the rewards and risks in the crypto space. Always remember – cryptocurrency is a risky market. I do consider the entire market risky yesterday.
But have a look at this Terra USDT. This was having some hiccups in the system, so I have a special look at this right now. This was trading at a dollar but all of a sudden who knows why there was a lot of cell pressure on Terra USDT? This one dropped all the way down to around 90 to around the 95 cent level, but I know on some exchanges because I did check this as it was trading on Q coin on OKEX. This was getting really hammered, this was dropping down to like 80 cents 84 cents. This is not good in the crypto space, so again why is there some fun regarding Tether? It’s because people don’t know what the commercial paper backing Tether really is. So, how trustworthy is that commercial paper ultimately when you’re looking at stablecoin? If you’re new to cryptocurrencies, there are some stable coins out there. But what you really want with the stablecoin?
You want to be able to trade that out for one USD. So, you want to be able to trade it out very easily. They’re supposed to be backed by USD. Terra Luna was an algorithmic based stablecoin, so there was different design protocol behind it, backed by Bitcoin to some degree and the algorithm the protocol completely failed. This is what happened and USDC. So, if you’re in, if you’re practically looking to get into stablecoins USDC.
This one here is a good option, in my opinion, of course not financial advice. Binance USD is also a good option, so they’re the two stable coins with pretty good reputations in the market and they are the ones that were trading at premiums yesterday. Binance USD actually went up to a premium in price. You can see it right here, went up to nearly a dollar and a dollar plus and some charts went up to a dollar and seven which was so crazy to see. But this is just a reminder of the reward and risk in the crypto space but things are not looking good for Duquan right now. It’s just very unfortunate to see. This happens in cryptocurrency, but it is a reminder of the reward and risk in the cryptocurrency space. Look thoughts go out to all those people impacted by the crash of Terra Luna right now. Definitely not what we want to see in the crypto space. But just wanted to bring you that important update right there .
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/9fUTvdwQBlU
