Binance Delisting & Leverage Revisions: Impact on Terra Classic’s Future Growth

Posted on by Artificial Intelligence
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The cryptocurrency world was taken by surprise as Binance, the world’s largest crypto exchange, announced its plans to delist and update the leverage and margins for the USDⓈ-M 1000LUNCBUSD Perpetual Contract on June 8th at 09:00 UTC. This unexpected move could potentially reduce the overall trading volume of Terra Classic (LUNC) on the exchange, and users are advised to close any open positions before the delisting time to avoid automatic settlement.

In an official announcement on June 1st, Binance has also revised leverages and margins for the 1000LUNCBUSD Perpetual Contract from June 1st onwards. Users are requested to adjust their positions and leverages to prevent potential liquidation related to the contract. Binance has significantly reduced leverage for positions, with a notional value of 0 to 100,000 BUSD. Users trading USDⓈ-M 1000LUNCBUSD Perpetual Contract with 0 to 5000 positions are most impacted, with leverage reduced to 9-10x from 11-20x. The crypto exchange claims that these changes will safeguard users and mitigate potential risks in the context of volatile market conditions.

Further protective measures are expected to be introduced for the USDⓈ-M 1000LUNCBUSD Perpetual Contract, including adjustments to the maximum leverage value, position value, and updating funding rates. While these precautionary steps are taken to preserve the interests of users, there is a likelihood that Terra Classic (LUNC) may witness a selloff in price due to these changes.

Terra Classic has several essential updates scheduled for June, including a CosmWasm v2.1.0 parity upgrade by core developer Joint L1 Task Force and developer Edward Kim’s AI app chain “Block Entropy”. These upgrades, together with refinements in burn rate, validator commission fees, and others, could potentially drive LUNC prices higher post-June.

Currently, LUNC price has increased by 2% in the last 24 hours and is trading at $0.000085. The 24-hour low and high are $0.0000829 and $0.0000851, respectively, with trading volume demonstrating a considerable increase during this period.

It is crucial for investors to thoroughly analyze market conditions and conduct due diligence before investing in cryptocurrencies, as the author or publication holds no responsibility for any personal financial loss. Additionally, market outcomes may be influenced by the personal opinions of various experts.

Source: Coingape

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