Terra (LUNA) trading volume surge 200% as market adjusts to death spiral
Despite the risks involved, Terra’s ‘insane volatility’ still serves as an attractive market for many short-term investors — mainly because LUNA momentarily gained 600% in value on May 14. It took just seven days for the Terra (LUNA) ecosystem to spiral down as prices came crashing from $85 on May 5 to nearly $0 on May 12. As the market slowly gained clarity on what transpired, the trading volume of LUNA saw a steep recovery of over 200% over the weekend.As a result of UST de-pegging, which crashed the LUNA market, LUNA investors mirrored the price dip as CoinGecko recorded the decline of....
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The recovery plan for Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) embarked on a bumpy route after the LUNA 2.0 cryptocurrency suffered a substantial market fall hours after its launch. TerraForm Labs successfully delivered new LUNA coins to market participants holding LUNA Classic (LUNAC) and TerraUSD (UST). According to data from cryptocurrency exchange Bybit, LUNA began trading at $0.5 and quickly rose to a high of $30 before dropping by more than 88% to $3.5. Related Reading | Cryptocurrency Spams Grow By Over 4000% In The Last Few Years LUNA....
The Terra / Luna / UST collapse keeps on generating headlines. This time, we’ll use the data in ARK’s “The Bitcoin Monthly” report to establish its impact on the bitcoin ecosystem. Remember that the non-profit organization LFG, AKA the Luna Foundation Guard, accumulated BTC to defend UST’s peg to the dollar. In a then-delated May interview, Terra’s Do Kwon said that they were trying to get to $1B in BTC so that “besides Satoshi, we will be the largest single holder of Bitcoin in the world.” Related Reading | Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B....
Terra’s death spiral resulted in the mispricing of LUNA tokens on the popular cryptocurrency exchange. Traders aren't happy with the compensation. Cryptocurrency exchange Crypto.com has halted the trading of Terra (LUNA) tokens after it determined that user transactions were quoted at an “incorrect price,” prompting severe backlash from the community.In a Friday news release, Crypto.com said that LUNA trades have been halted due to a pricing error between 12:40 and 13:39 UTC on May 12. “[U]sers who traded LUNA were quoted an incorrect price,” the exchange said. “Our systems quickly....
On May 13, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA. Crypto.com was one of the few crypto exchanges to keep LUNA trades open as Terra’s death spiral saw an unrecoverable price crash of LUNA and stablecoin UST. However, a technical glitch on Crypto.com’s mobile application allowed users to get away with a 30-40x profit on LUNA trades momentarily.On Friday, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA due to some error. Just when....
As investigations into Terra’s LUNA and UST death spiral continue, prosecutors in South Korea have imposed travel limits on Terra developers and former devs, according to JTBC News. South Korea Places Travel Ban On Terraform’s Developer The travel ban was announced by the Financial and Securities Crime Joint Investigation Team to keep persons involved in […]