BitMEX, one of the world’s top cryptocurrency derivatives exchanges, has delisted Luna Perpetual Swaps, which accounted for the majority of the platform’s digital asset volume.
The announcement came a few hours after Binance said that the derivative would be removed from the platform. Following a succession of delistings, Luna’s market performance was disastrous: the asset lost 99.88 percent of its value in a matter of days.
The UST de-peg produced such a sudden drop in Terra’s Luna. The stablecoin began to lose its link with the US dollar as a result of a significant increase in UST sell orders and a lack of exit liquidity, and it eventually sank to $0.22.
Even after entirely emptying the wallet, the Luna Foundation Guard has failed to back up the UST despite possessing billions of BTC as collateral. Indeed, the foundation has increased selling pressure on Bitcoin, causing it to plummet to $26,000.
Despite a series of incidents throughout the 2017–2018 crypto market era, BitMEX remains one of the largest cryptocurrency trading platforms in the world. The exchange reported $2.5 billion in trade volume in the last 24 hours.
Read more: Ex-CEO of BitMEX Authur Hayes requests no imprisonment and travel liberty
