Binance Cuts Bitcoin-LUNA Perps as CZ Warns Against Algorithmic Stablecoins - BitcoinEthereumNews.com

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　　Binance Cuts Bitcoin-LUNA Perps as CZ Warns Against Algorithmic Stablecoins05/12/2022比特币以太币新闻关键精华

• 　　Binance has delisted Bitcoin-margined LUNA perpetuals in response to Terras death spiral.

• 　　Its also reduced the maximum leverage to 8x on USDT-margined LUNA perpetuals to 8x.

• 　　Changpeng Zhao has urged cryptocurrency followers to “respect the market, with a level of caution” and warned of the risks of algorithmic stablecoins.

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　　It comes after Binance CEO Changpeng Zhao issued a stark warning to “respect the market, with a level of caution.”

　　Binance Delists COIN-Margined LUNA Perpetuals

　　Binance is taking further steps to deal with the ongoing Terra crisis.

　　The leading cryptocurrency exchange posted 更新 Thursday anouncing that it was delisting COIN-margined LUNA perpetual contracts. Binance Futures uses Bitcoin as the base asset for its perpetual contracts, meaning customers need to use Bitcoin to fund the margin on their LUNA trades. The exchange has also reduced the available leverage on its USDT-margined LUNA perpetuals, with the maximum now set at 8x. The measures took effect earlier this morning as the rest of the market continued its freefall.

　　The move comes after the exchange halted LUNA and UST withdrawals in response to UST losing its peg to the dollar. UST is an algorithmic stablecoin that operates in a close relationship with LUNA to maintain its peg, but intense selling pressure has meant that the ecosystem has reached a point of near collapse. The issues arose Saturday and the situation has worsened for Terra over the course of this week, with UST still trading short of the dollar at $0.60 and LUNA changing hands for penies. LUNA is down another 98.5% today, trading just above $0.02.

　　We are in a new market, with many inovations. Algo stable coins is one of them. When they are hot, they are all the rage. When they drop, it can be a vicious circle. Some inovations will become successful, many wont.

　　-CZ????Binance（@cz_binance） 11年2022月XNUMX日

　　Binance‘s CEO and most recognizable figure, Changpeng Zhao, also weighed in on what’s been described as one of crypto‘s greatest black swan moments. The popular entrepreneur posted 推文风暴 early Thursday reminding his followers of the risks associated with the cryptocurrency market. “We need to respect the market, with a level of caution too. It goes up and down in cycles. And especially the fact that it doesn’t always make sense,” he wrote, before taking a shot at algorithmic stablecoins.

　　“We are in a new market, with many inovations. Algo stable coins is one of them. When they are hot, they are all the rage. When they drop, it can be a vicious circle. Some inovations will become successful, many wont,” he wrote.

　　Terraform Labs has said it will introduce a series of “emergency” measures to stop the ecosystem from falling apart. After the last few days, Terra will need a significant overhaul to have a shot at a comeback.

　　Update: Since this morning‘s anouncement, Binance 已经说过 that it will delist its LUNAUSDT perpetual contracts if the price falls below $0.005. It’s also launched LUNABUSD perpetual contracts with a tick size of 0.00001.

　　披露：在撰写本文时，本文作者拥有 ETH 和其他几种加密货币。

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