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Global cryptocurrency exchange Binance has suspended trading pairs with Terra ecosystem's cryptocurrencies, LUNA and UST, on its platform following the major crash of the algorithmic stablecoin.Binance confirmed the move on May 13, with spot trading for LUNA/BUSD and UST/BUSD trading pairs being suspended. It's not clear when the withdrawals for LUNA
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Margin, borrowing services have paused since Asian morning hours, and UST pairings would be terminated later today. Source
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“Currently, the burning of UST is too slow to keep pace with the demand for excess UST to exit the system, which is hindered by the BasePool size,” reads the proposal. “Eliminating a significant chunk of the excess UST supply at once will alleviate much of the peg pressure on
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The price of LUNA tokens slid 96% in the past 24 hours alone, prompting more to be minted in a mechanism that helped lift the value of UST. Original Source
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“After this analysis, we felt, and continue to feel, that UST will ultimately maintain its peg and a number of attractive opportunities had become available,” Arca CEO Rayne Steinberg wrote to investors on Tuesday. “For example, we were able to purchase UST at a significant discount to par in the
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Over the weekend, algorithmic stablecoin TerraUSD (UST) broke its peg. It broke it again on Monday, and has yet to recover. Regulators may have to take a closer look at this particular model of stablecoin. Source
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Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at $28,500, down about 7%, although it fared better than most other major cryptos, underscoring its status as a less risky option during tumultuous times for the wider digital assets market. Ether, the second-largest crypto by market cap, was also
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“Risk Harbor Anchor UST insurance hasn't been widely available – we were holding off on taking any third-party funds until we could purchase that insurance at scale. I anticipate decreased demand for the product this fund was offering, so I removed it from the website,” founder Michael Arrington told CryptoX
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