Crypto exchange giant Coinbase is revealing strategies to suspend trading of TerraUSD (UST) and Wrapped Luna (WLUNA) on all levels of the platform.
Coinbase Assets just recently made the announcement on Twitter that, because of severe volatility within the Terra (LUNA) community, UST and WLUNA trading will be suspended in 2 weeks.
In light of current volatility including Terra community possessions UST and LUNA, Coinbase will suspend trading in UST & WLUNA on May 27, 2022 on or around 12pm ET on https://t.co/Zkd27RUMRo, Coinbase Pro, and Coinbase Exchange.
— Coinbase Assets (@CoinbaseAssets) May 13, 2022
Coinbase likewise assures clients the suspensions will not impact users’ capabilities to gain access to UST and WLUNA currently within their wallets.
“The trading suspension will not impact clients’ access to UST & WLUNA wallets which will stay offered for deposit and withdrawal performance after the trading suspension…
We will continue to keep an eye on advancements associated with UST & WLUNA and upgrade our clients as more details appears.”
TerraUSD is a LUNA-based stablecoin developed to preserve a 1:1 cost peg with the United States dollar (USD). UST has actually crashed hard today and is presently trading for $0.11, down 89% from its $1 peg. UST’s unforeseen crash has actually reduced Terra with it, dropping the blockchain by over 99% in the recently. Wrapped LUNA token is developed to preserve a 1:1 peg with Terra and has actually likewise crashed as an outcome.
Terra, a leading 10 crypto by market cap simply recently, has actually now left of the leading 100.
As Coinbase prepares to suspend LUNA trading in 2 weeks, Binance suspended LUNA and UST trading with Binance USD (BUSD) earlier today, just to resume the trading set later on in the day. Though Binance users can trade LUNA and UST with BUSD, trading with Tether (USDT) has actually been suspended on the platform.
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