Binance raised Terra Luna leverage to 51-75x, boosting activity despite Terraform Labs’ bankruptcy.
The LUNC News: When it comes to trading Terra Luna, the largest cryptocurrency exchange in the world, Binance, has boosted leverage by a factor of four. In light of the fact that Terraform Labs has filed for bankruptcy, the exchange has taken this action in order to show its support for the Terra Luna community.
Binance Offering Four Times Leverage on Terra Luna Trading
As a result of the widespread buying sentiment in the cryptocurrency market as a whole, the prices of LUNA, LUNC, and USTC all increased. The cryptocurrency exchange Binance has announced the updated leverage and margin tiers of LUNA2USDT in an official announcement that was made by the company.
The exchange has boosted leverage and decreased the maintenance margin rate, which is significant news for the greater LUNC community when it comes to the exchange.
Only traders who were interested in taking a position between 0 and 5,000, 5,000 and 25,000, and 25,000 and 100,000 were able to benefit from the modifications that were implemented.
As a sign of support for the Terra Luna price climb, the exchange boosted leverage from 11-20x to 51-75x for a position ranging from 0 to 5000. Additionally, Binance has announced modifications to all of the USD-M perpetual contracts, including XEMUSDT, ORBSUSDT, LOOMUSDT, LUNA2USDT, QNTUSDT, CHRUSDT, and JOEUSDT.
The prices of Terra (LUNA), LUNC, and USTC are showing a significant amount of bullish momentum as they move above support levels. Additionally, the community is looking for additional significant token burns from wallets that are associated with the Terraform Labs and Luna Foundation Guard (LFG) organizations.
LUNC News: Massive Bullish Momentum Signals
The price of Terra (LUNA) is currently trading at $0.502, representing a rise of 5% in the past twenty-four hours and 45% in the past month. The low for the 24-hour period is $0.4746, and the high for the same period is $0.5036.
As a result of Binance’s modifications to leverage, the volume of derivatives trading activity has increased, according to statistics from Coinglass. Meanwhile, the price of LUNC has increased by 6% today and by 33% so far this month.
The price is presently trading at $0.0001221, with a high of $0.0001234 for the past twenty-four hours. The price of USTC has increased by ten percent in just one month. During the past several hours, there has been a 15% increase in the volume of trading.
The total open interest in LUNC futures has crossed the 100 billion level, representing an increase of more than 10% in the past 24 hours. During the past 24 hours, the open interest in 1000LUNC futures on Binance and Bybit has increased by more than nine percent, which is indicative of buying activity among traders.Â