Binance withdraws LUNA futures and suspends UST trading pairs, will LUNA price get back on track?

While the token native of laboratories Terraform(LUNA) fell 100%, losing 100% of its value, many exchanges came forward to halt the trade. In a recent update, the largest cryptocurrency exchange Binance announced the delisting of the perpetual contract LUNA to protect traders.

Additionally, the exchange also announced the withdrawal of pairs from trading UST like BTC/UST, LUNA/UST, ETH/UST, BNB/UST and UST/USDT. In addition, the platform will also stop trading the BUSD margined perpetual contract: LUNA/BUSD from 01:30 UTC, May 13, 2022.

In addition to this, other exchanges like eToro and Bybit have also suspended the tUST rating and also strike out Spot LUNA/BTC pairs. With the extreme measures taken to halt future trading of LUNA & UST, the price is now expected to stabilize very soon. On the other hand, the official TerraUST Twitter account presented its plans to stabilize conditions and burn UST tokens.

On the other hand, the peg protocol also proposed to reduce yield rates from 19.5% to 4% to combat the current situation. Therefore, collective efforts are made to stabilize the price of LUNA &UST and, in turn, stabilize the entire crypto space. Now, will the LUNA price get back on track?

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