BUT Binancelargest exchange cryptocurrencies peace, negotiations resumed Earth (MOON) yes stablecoin TerraUSD (UST) – which was suspended this Friday (13) after a sharp drop in the weekwhen prices hit almost zero.
Previously, Binance CEO Changpeng Zhao defended the suspension as “the best way to protect users.” [da plataforma] not the time.”
He even stated that he was “very disappointed with the way the Terra team handled the UST/LUNA incident.”
Loss of almost all value
Terra (LUNA) has lost almost all of its market value over the last week after a general market downturn. Alone, the cryptocurrency turned to dust with a drop of more than 90% in 24 hours.
The devaluation of LUNA and the suspension of trading were the result of a failure of the Terra protocol associated with the stablecoin TerraUSD, which led to a sharp drop in prices.
Earth (LUNA): from success to disaster
Terra (LUNA) has been surprising the market since December 2021 when it overtook Avalanche (AVAX) and Dogecoin (DOGE).
To become the main means of payment in the digital environment, Terra consists of a basket of fiat currencies such as the dollar, euro and yuan.
But, like the failure of the protocol of this cryptocurrency, all success went down the drain. The interruption of trading on the world’s largest exchange this Friday (13) meant that no transactions in UST, LUNA or other cryptocurrencies from the Terra Network, the project’s integrated ecosystem, could be sold. With the resumption, negotiations are returning to normal.
Bitcoin (BTC) and other cryptocurrencies are recovering
The Terra Network crisis continues, but other cryptocurrencies in the market manage to bounce back from the losses of the week, such as Bitcoin (BTC), which remains above $30,000.
Ethereum (ETH) also rode the truce in the cryptocurrency market and returned to the $2k mark, working with a high of more than 5%.