Terra Luna (LUNA)’When the sharp fall of the stock market caused uneasiness in the markets, precautionary moves came one after another from the stock markets.
Whereas, Luna was trading at an all-time high of $119 at the beginning of April. However, it is as if someone had pressed the button. 96%if in the last 24-hour trading period 87% recorded a decline. As such, the stock markets went into alarm one by one.
One of the “big four” crypto exchanges in South Korea coinoneannounced that it is suspending Luna trading, citing the sudden price drop. chorbite, Upbit and bithumb on the other hand, issued “specified investment alerts” for Luna due to similar concerns.
While these alerts for Bithumb and Korbit do not necessarily mean that Luna will be suspended, “designated investment alerts” usually last 72 hours, after which exchanges decide whether to stop trading.
Upbit, the largest cryptocurrency exchange in South Korea, has issued a warning clause for Terra.
The platform reportedly made this decision due to the token’s connection to Terra’s algorithmic stablecoin UST and the ongoing price drop with both protocols, and issued the following statement:
It monitors the price fluctuations of Upbit, Luna and UST and the operation of the algorithm. In cases where the above problems are not resolved, it is possible to cause unexpected losses to investors due to sudden fluctuations in Luna’s circulation and market price.
Luna’s bearish move occurred as TerraUSD (UST) lost its peg. The UST, which is expected to be pegged to the US dollar, fell as low as $0.25 earlier in the day, causing a shock.
Investors reacting to the price of LUNA, which is approaching 1 dollar as of now, demand that LUNA be delisted from exchanges with a “delist” message on Twitter.