Terra Luna Classic (LUNC) Price Jumps 5% After This Binance’s Announcement

Terra Luna Classic (LUNC) Price Jumps 5% After This Binance’s Announcement

The world’s largest crypto exchange Binance on Monday said it will adjust the leverage and margin tiers of some crypto perpetual contacts including 1000LUNCUSDT perpetual contract. LUNC traders responded immediately after Binance’s announcement.

The maintenance margin is the total amount of crypto that must remain in a deposit account in order to hold an investment or trading position.

Terra Luna Classic Maintenance Margin Rate Increased By Binance

According to an official announcement by Binance on November 6, Binance Futures will change the leverage, margin tiers, and capped funding rate of multiple perpetual contracts.

“Existing positions opened before the update will be affected. It is strongly advised to adjust the position and leverage prior to the adjustment in order to avoid any potential liquidation, as per Binance.”

Binance has changed the maintenance margin rates for 1000LUNCUSDT perpetual contact 0-5000 positions, with no changes in leverage of 21-50x. It requires traders to hold more LUNC in deposit accounts for perpetual trading.

Meanwhile, Binance has also changed leverage and margin tiers for crypto perpetuals including TOMOUSDT, MINAUSDT, YFIUSDT, KLAYUSDT, ZILUSDT, QTUMUSDT, ENSUSDT, KSMUSDT, ONTUSDT, and SUSHIUSDT.

The maximum funding rate for the aforementioned cryptocurrencies is also adjusted.

Read More: Terra Luna Classic L1TF Approves Dyncomm; Community Rejects Validator Commission Proposal

LUNC Jumps After Binance Announcement

According to Coinglass data, short liquidations in 1000LUNC and LUNC are pushing up prices as traders close their positions. 1000LUNC perpetuals record major trading volume on Binance, with 47% market share in the last 24 hours.

LUNC price jumped 5% in the past 24 hours, with the price currently trading at $0.000067. The 24-hour low and high are $0.0000641 and $0.0000676, respectively. The trading volume has also increased in the 24 hours.

Meanwhile, USTC price trades at $0.0116, up more than 1% in the past 24 hours. However, the trading volume remained low.

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Varinder has 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 covering all the latest updates and developments in the crypto industry.

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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