Luna was removed from the Binance exchange, Bitcoin slowed down
On May 12, the largest cryptocurrency by market capitalization at one point fell deeply to $ 25,402 but stabilized again in the New York session. The downtrend showed signs of slowing down when bottom-fishing cash flow appeared.
However, Bitcoin is still down 20% from the previous week. In the Asian session on May 13, the currency was traded around the price of 29,500 USD. Experts predict cryptocurrency market will continue to fluctuate strongly.
Meanwhile, strong price volatility has created selling pressure on many alt-coins over time. When entering a downtrend, alt-coins lose more value than Bitcoin due to a higher level of risk.
Solana’s SOL token has dropped 46% in the past week, and Ether has also lost 30%.
Regarding the Terra crisis, on May 13, the price of the LUNA key token fell by more than 99%, leading to the shutdown of this blockchain network. Officially announcing on Twitter, Terraform Labs confirmed the blockchain has been paused. The decision is made later A series of dramatic developments caused unprecedented declines in LUNA and TerraUSD (UST) – stable coin designed 1:1 anchoring algorithm with USD but lost the peg and also followed the “sister” LUNA when there was only 1 cent (0.1 USD) left.
With LUNA losing 99% of its value, Terraform Labs is no longer able to withstand attacks. However, the platform says it will restart the network after applying the patch to disable other trusts. “The network will be back up and running if it gets 2/3 of the online votes.”
On May 12, LUNA/USDT contracts were delisted from Binance after the value of the asset pair fell below 0.005 USDT. Previously, Huobi exchange also stopped transactions related to the LUNA key.
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