{"id":922,"date":"2022-05-11T06:22:10","date_gmt":"2022-05-11T06:22:10","guid":{"rendered":"https:\/\/digitalcoinprice.com\/blog\/?p=922"},"modified":"2023-03-30T05:01:45","modified_gmt":"2023-03-30T05:01:45","slug":"withdrawal-luna-ust-suspended-binance","status":"publish","type":"post","link":"https:\/\/digitalcoinprice.com\/blog\/withdrawal-luna-ust-suspended-binance","title":{"rendered":"Withdrawal of Terra (LUNA) and Stablecoins UST Suspended Temporarily by World&#8217;s Top Crypto Exchange BINANCE"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Terra (LUNA) overall crashes more than 45% and 20% in just the last 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><b>latest Terra LUNA news<\/b><span style=\"font-weight: 400;\">, Binance has Temporarily suspended the withdrawal on Terra (LUNA) and UST Crypto stablecoins on 10th May 2022 due to a high volume of pending withdrawal transactions and recovered its peg to the US dollar. The current Terra LUNA price is $33.53<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you don&#8217;t know what is a UST crypto &#8211;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TeraUSD, also called &#8216;UST&#8217;, is one of the four largest stable coins by market capitalization and will become the fifth stablecoin in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Key Point:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">LUNA and UST crypto prices have fallen and plunged almost 53%, respectively.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">LUNA held Bitcoin to maintain UST&#8217;s peg, but 1.4 Billion Bitcoins are now unstable on exchanges like Binance and Gate.io. OKX.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/digitalcoinprice.com\/coins\/terrausd\"><b>UST<\/b><b> crypto <\/b><\/a><span style=\"font-weight: 400;\">lost its price place for the third time in just 24 Hours.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">LUNA dropped from $64.62 to down $29.22 in just one week.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Also Read &#8211;\u00a0<\/span><a href=\"https:\/\/digitalcoinprice.com\/blog\/3-reasons-behind-the-crypto-market-crash\"><b>3 Reasons Behind The Crypto Market Crash \u2013 and Experts Forecast More Pain Ahead<\/b><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As per the CoinMarketCap data, Terra&#8217;s native cryptocurrency <\/span><a href=\"https:\/\/digitalcoinprice.com\/coins\/terra-luna\"><b>LUNA<\/b><\/a> <span style=\"font-weight: 400;\">bled and fell from $84 to $62.11 on 6th May 2022. After that, the price drop of LUNA started during this period And reached $29.33 at writing. Today, 10th May 2022, the market cap of LUNA divested almost 22%, from $27.42 Billion to $21.15 Billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">UST, Terra&#8217;s stablecoin, tested the down phase after losing its peg to the US dollar and trying to recover from it. Terra&#8217;s stablecoin UST is now trending at $0.88 from below $1. The noted price drop of LUNA is almost 52% overnight, and this overnight story of LUNA liquidates the holder&#8217;s wallet.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Binance cryptocurrency exchange has <\/span><span style=\"font-weight: 400;\">announced the<\/span> <span style=\"font-weight: 400;\">temporarily <\/span><span style=\"font-weight: 400;\">suspended withdrawals for Terra&#8217;s LUNA and UST crypto to stop the liquidation overnight.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;We will not notify users in a further announcement once we are confident that the network is stable and there is a reduction in the volume of withdrawals pending,&#8221; Binance said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Terra&#8217;s algorithmic stablecoin UST crypto has fallen sharply against the dollar in the past few days. The stablecoin is the third-largest stablecoin in issuance behind <\/span><a href=\"https:\/\/digitalcoinprice.com\/coins\/tether\"><b>USDT <\/b><\/a><span style=\"font-weight: 400;\">and <\/span><a href=\"https:\/\/digitalcoinprice.com\/coins\/usd-coin\"><b>USDC<\/b><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since UST lost its peg, its market capitalization was $1,8 billion. The algorithmic stabilization of UST is accomplished by burning LUNA and minting UST crypto to maintain the peg. In an attempt to restore stability to <\/span><a href=\"https:\/\/lfg.org\/\" target=\"_blank\" rel=\"noopener\"><b>LFG<\/b><\/a><span style=\"font-weight: 400;\">, the council has used vast reserves of Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Influential exertions and steps have been made to uphold UST. A Singapore-based non-profit organization called <\/span><a href=\"https:\/\/lfg.org\/\" target=\"_blank\" rel=\"noopener\"><b>LFG<\/b> <b>( Luna Foundation Guard)<\/b><\/a><span style=\"font-weight: 400;\"> is widespread and constituted to take a side of Terra&#8217;s stable coin and its ecosystem. To support UST&#8217;s peg, it plans to lend third-party trading firms $1.5 billion worth of bitcoin and UST over the next few days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, USDT, the largest dollar-pegged stablecoin, continues to outperform UST in price. It has recovered somewhat to around $0.85 at press time in the hours since. Binance data showed it at a low of $0.6065 on Monday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><b>CoinGecko<\/b> <span style=\"font-weight: 400;\">data, LUNA, Terra&#8217;s native asset that can be burned in normal market conditions to obtain UST, has fallen from around $62.50 to approximately $28.50 just 24 hours ago.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The tapered volatility noticed in the crypto market with Terra that the LFG claims. See the<\/span> <a href=\"https:\/\/digitalcoinprice.com\/blog\/3-reasons-behind-the-crypto-market-crash\"><b>reasons why Behind The Crypto Market Crash and what Experts are saying about that<\/b><\/a><b>.<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">LUNA is one of the most popular and potential projects in the crypto market. Suppose you are still planning to invest some bugs in Terra LUNA, TerraUSD, or any trending cryptocurrency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now the question is, where to buy <\/span><a href=\"https:\/\/digitalcoinprice.com\/coins\/terra-luna\"><b>Terra LUNA<\/b><\/a><span style=\"font-weight: 400;\">?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can buy LUNA from the most valuable and trustable centralized and decentralized <\/span><a href=\"https:\/\/digitalcoinprice.com\/coins\/terra-luna\/exchanges#tabview\"><b>crypto exchanges<\/b><\/a><span style=\"font-weight: 400;\">, and we suggest you finance it through the SIP strategy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our <\/span><a href=\"https:\/\/digitalcoinprice.com\/sip-calculator\"><b>SIP Calculator<\/b><\/a><span style=\"font-weight: 400;\"> will guide you on how you invest a small amount monthly instead of the whole.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terra (LUNA) overall crashes more than 45% and 20% in just the last 24 hours. According to the latest Terra LUNA news, Binance has Temporarily suspended the withdrawal on Terra (LUNA) and UST Crypto stablecoins on 10th May 2022 due to a high volume of pending withdrawal transactions and recovered its peg to the US [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news-updates"],"_links":{"self":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/comments?post=922"}],"version-history":[{"count":7,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/922\/revisions"}],"predecessor-version":[{"id":2509,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/922\/revisions\/2509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media\/923"}],"wp:attachment":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media?parent=922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/categories?post=922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/tags?post=922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}