Terra LUNA: Binance Delist - Relist and more developments following the crash

Terra LUNA and UST — latest developments following the crash In case you missed it, LUNA fell 99.999% from it’s previous $100 position and it’s now trading at a mind-boggling $0.0001 following the depeg of UST — an algorithmic stablecoin provided by Terra Labs. LUNA and UST latest news Here are the latest developments since LUNAs catastrophic crash which occurred and on the 11th of May 2022 and it is still ongoing: If you’re unfamiliar with the situation, I suggest you read more about the UST, Terra and Luna crash here to understand why this has happened in the first place. LUNA Daily Price Updates 11th of May 2022— Luna fell 99.47%, and was trading at just under $1 12th of May 2022 — LUNA fell a further 99% and was trading at just $0.01 13th of May 2022 — LUNA fell 99.999% more and trades at $0.0001 That’s three 99%+ drops from previous prices for 3 times in a row. It is mathematically not impossible for a number to lose 99% of its value on a daily basis ad infinitum. UST Daily Price Updates 11th of May 2022 — UST fell 60% from its previous $0.6 to just $0.2 12th of May 2022 — UST experienced a slight correction but fell back down to $0.25 12th of May 2022 — UST fell to an all time low of just $0.037 and is now trading at $0.14 LUNA and Terra blockchain Updates During this time, The Terra Labs team have stopped the block production twice. The first time it occurred was at 5:14pm BST on May the 12 and it was resumed a couple hours later. The second time the block was stopped was the 13th of May 22 at 3:13AM BST. Terra resumed block production approximately 10 hours later. LUNA and Terra Exchange Updates While Luna keeps liquidating both longs and shorts in its path, Major Exchanges have taken measures to delist LUNA. Among those are: Binance, FTX, OKX and Coinbase. However, later today Binance announced that it will relist the LUNA/BUSD and USDT/UST pairs on spot trading. As of right now, LUNA is officially trading again on Binance. The CEO of Binance Changpeng Zhao has also criticised the Terra Labs team for poor emergency management and lack of co-operation with exchanges to help resolve the situation. CZ says Binance was prepared to help rectify this, had the Luna team been more proactive in their communication. Crypto market updates Finally, the crypto market has seen a healthy rebound today with Bitcoin passing the $30,000 threshold and sticking close to that number. More updates to follow as the LUNA situation progresses. If you liked this article, please don’t forget to Clap and Follow me for more.