BitMEX Joins a Chain of Exchanges in Luna’s Delisting Process After Tokens Delisted Even More
BitMEX, one of the world’s leading cryptocurrency derivatives exchanges, has announced the removal of Luna Perpetual Swap, which generates the majority of the volume for digital assets on the platform.
The exchange made the announcement several hours after Binance’s post regarding the removal of derivatives from the platform. Luna’s disastrous market performance was followed by a series of delistings: the asset lost nearly 99.88% of its value in a matter of days.
On May 12, 2022 at 20:00 UTC, BitMEX will delist the LUNAUSD and LUNAUSDT Perpetual Swap contracts.
More details are available on our blog: https://t.co/0Pq4lpNVsW
— bitmex (@bitmex) 12 May 2022
Such a rapid decline in Terra’s Luna was caused by UST D-Peg. Due to the massive increase in the number of UST sell orders and the lack of liquidity to exit, the stablecoin slowly began to lose its link with the US Dollar and at some point fell to $0.22.
Despite having billions of BTC as collateral to back UST, the Luna Foundation has failed to do so even after completely emptying the Guard wallet. In fact, the foundation has put additional selling pressure on bitcoin, which has pushed its dump to $26,000.
Despite being associated with several scams in the crypto market era of 2017-2018, BitMEX is still one of the largest cryptocurrency trading platforms in the world. Over the past 24 hours, the exchange has reported $2.5 billion in trading volume.