Binance resumes spot trading for LUNA and UST after crash

    • Binance has resumed spot trading for LUNA and UST.
    • The day before, the exchange had halted all transactions involving said cryptocurrencies.
    • From an ATH of $119, LUNA is last seen at $0.00005.

Cryptocurrency exchange Binance has announced the resumption of spot trading for the LUNA/BUSD and UST/BUSD trading pairs. As of today, 2:00 p.m. (UTC), the exchange has resumed spot trading. Additionally, deposits and withdrawals for LUNA and UST will also be unlocked along with trading.

In detail, Binance rolled out this decision following Terra’s tweet indicating that it resumed block production on May 13, 2022.

The Terra blockchain has resumed block production. Validators have decided to disable on-chain swaps, and IBC channels are now closed. Users are encouraged to bridge off-chain assets, such as bETH, to their native chains. Note: Wormhole bridge is currently unavailable.

More significantly, LUNA shook the cryptocurrency world when its price value dropped to a more serious stage. Currently, LUNA is registered at a price of $0.00005108, with a decline of almost 99%.

Along with the latest market decline, LUNA has crashed massively over the past couple of days. From an all-time high of around $119, LUNA has crashed to the price mentioned above at the time of writing.

The price crash of LUNA was accompanied by that of the stablecoin TerraUSD, which fell to $0.1 at the time of writing. You could say that the crash of TerraUSD caused LUNA to fall to unimaginable levels.

Still, with everything that’s happened over the past week, LUNA seems to be on the mend. Do Kwon, the founder of Terraform Labs, announced his recovery plans in a series of tweets.

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