The world’s largest cryptocurrency exchange, Binance, has quadrupled the leverage ratio for Terra (LUNA) transactions. This move is part of Binance’s support for the Terra Luna community during the bankruptcy process of Terraform Labs. Prices for LUNA, LUNC, and USTC have risen, reflecting strong buying demand in the broader cryptocurrency market.
Updates on Leverage Ratios
Binance has made an official announcement regarding its updated leverage and margin levels for LUNA2USDT pairs. As the exchange increases the leverage ratio, it has also reduced the maintenance margin level. These changes are seen as significant developments for the wider LUNC community.
Market Activity and Buying Trends
Terra (LUNA), LUNC, and USTC are showing a strong upward trend, breaking above their support levels. The community anticipates further significant token burns from wallets associated with Terraform Labs and the Luna Foundation Guard (LFG).
The price of Terra (LUNA) has risen by 5% in the last 24 hours and by 45% over the month, currently trading at $0.502. Derivative trading activities have seen an uptick prior to Binance’s adjustments to leverage ratios.
The price of LUNC has increased by 6% today and 33% this month. Currently priced at $0.0001221, LUNC reached $0.0001234 in the past 24 hours. USTC has also recorded a 10% increase over the month, with trading volume rising by 15% in recent hours.
Total open positions for LUNC futures exceeded 100 billion, marking a more than 10% increase in the last 24 hours. Open positions for 1000LUNC futures on Binance and Bybit have also increased by over 9%, indicating active buying from traders.
Binance’s increase of the leverage ratio for Terra Luna transactions can be seen as a sign of growing confidence in the Terra ecosystem within the crypto market. This development is leading to more active participation from traders in Terra Luna-related transactions, bolstering the overall buying trend in the market. Traders are monitoring how these changes will influence future price movements.
