Altcoin
Binance Expands Leverage For Terra Luna Perpetual Trading
LUNC News: The world’s largest crypto exchange Binance has increased leverage by four times for Terra (LUNA) trading. The move comes as the exchange extended support for the Terra Luna community amid the bankruptcy of Terraform Labs. LUNA, LUNC and USTC prices all jumped amid the massive buying sentiment in the broader crypto market.
Binance Offering Four Times Leverage on Terra Luna Trading
In an official announcement by Binance, the crypto exchange revealed updated leverage and margin tiers of LUNA2USDT. The exchange has increased leverage and reduced maintenance margin rate, coming as major news for the broader LUNC community.
The changes were exclusively made for traders looking to take a position of 0 to 5000, 5000 to 25,000, and 25,000 to 100,000. The exchange increased leverage from 11-20x to 51-75x for a position of 0 to 5000, indicating support for Terra Luna price rally.
Also, Binance announced changes in XEMUSDT, ORBSUSDT, LOOMUSDT, LUNA2USDT, QNTUSDT, CHRUSDT, and JOEUSDT USD-M perpetual contracts.
LUNC News: Massive Bullish Momentum Signals
Terra (LUNA), LUNC, and USTC show massive bullish momentum as prices move above support levels. The community also seeks another major token burns from wallets related to beleaguered Terraform Labs and Luna Foundation Guard (LFG).
Terra (LUNA) price trades at $0.502, up 5% in the last 24 hours and 45% in a month. The 24 hour low and high are $0.4746 and $0.5036, respectively. Derivatives trading activity is on the rise amid Binance’s changes to leverage, as per Coinglass data.
Meanwhile, LUNC price has jumped 6% today and 33% this month. The price currently trades at $0.0001221, with a 24-hour high of $0.0001234. USTC price has climbed 10% in a month. Trading volume has increased by 15% in the last few hours.
Total LUNC futures open interest has surpassed the 100 billion mark, up more than 10% in the last 24 hours. 1000LUNC futures open interests on Binance and Bybit have climbed over 9% in the last 24 hours, indicating buying activity among traders.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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