Bitcoin News and Price | Bitcoin.News

Cryptocurrency exchange BitMEX announced on Thursday that it has expanded its margin trading services by listing the new Luna 2.0 token (LUNA) on its platform. Terra Luna launched the new cryptocurrency on 28 May.

BitMEX listed Terra 2.0 (LUNA) in a dedicated trading zone and opened trading for LUNAUSD and LUNAUSDT trading pairs at 04:00 UTC on 2 June 2022.

Terra 2.0 holds the maximum leverage of 25x for the users. Users are now able to trade XBT, and USDT margined Terra Luna 2.0 contracts.

LUNAUSD has a fixed Bitcoin multiplier, which lets traders go long or short on the listing without trading LUNA or USD. The LUNAUSDT product is a linear perpetual swap margined in USDT. Margins appear in XBT, and so do the earnings or loss from the trade.

Terra 2.0 is part of the revival plan introduced by Do Kwon, the CEO, and founder of Terra Protocol after the Terra protocol collapsed.

Besides that, BitMEX launched ETH options for margins and settlement for their perpetual and futures contracts, which also apply to the listings above. The service allows users to trade on leverage — margin trading lets users multiply their gains and losses.

BitMEX said that the leverage (the amount that can be borrowed against a user’s crypto collateral) is 25x. A customer’s margin wallet balance determines the amount of funds he or she can borrow, following a fixed rate of 25:1 (25x).

The introduction of ETH margin trading follows the launch of BitMEX Spot, which aligns with BitMEX’s focus on providing new, easy-to-use trading services for both existing and new users.

Founded in 2014, BitMEX is a Seychelles-based cryptocurrency derivatives platform that enables traders to buy and sell futures and perpetual on a wide range of cryptocurrencies.

In 2016, BitMEX launched perpetual leveraged swap contracts on Bitcoin to allow customers to trade Bitcoin futures with up to 100x leverage with no expiry date. As a result, the innovative new crypto derivative trading service helped BitMEX become one of the Bitcoin exchanges with the highest volumes in the world.

Image source: Shutterstock

Source

LUNA 2.0 has been on a rocky start based on a sharp price decline after Terra 2.0 successfully went live on May 28.

The price hit highs of $18.87 but later nosedived to lows of $5, according to CoinGecko. In the first 30 minutes of trading, LUNA 2.0 shot up to $30 from $0.30 on crypto exchange ByBit, but this peak was short-lived because it nosedived to $5.30 in a span of three hours.

With a total supply of 1 billion coins, the price was hovering around $6.28 during intraday trading, according to CoinGecko.

Terra 2.0 came to the limelight as a revival plan of the troubled Terra ecosystem after its native tokens LUNA and UST crashed.

Mid-last week, the Terra community passed the Terra 2.0 proposal because it was deemed the genesis of a new blockchain that could see the continuation of the ecosystem despite the drawdowns experienced.

How will trust play out?

With various crypto exchanges like Kraken, KuCoin, Nexo, Bitrue, ByBit, and Bitfinex already listing the LUNA 2.0 token, it remains to be seen how trust plays out in the network despite a rocky start.

Market analyst under the pseudonym Tajo Crypto explained:

“The people who have actually made money from LUNA 2.0 are those that received airdrops and sold. But I won’t call it gains because the majority of the supply is still vested. Then lots of exchanges have made lots of money from trading fees. LUNA 2.0 will be profitable if it succeeds.”

Therefore, Tajo Crypto noted that the selling pressure experienced in LUNA 2.0 was driven by the urge of some investors to recover losses made when the ecosystem crashed.

With the old chain renamed Terra Classic (LUNC) and the new one Terra (LUNA), Tajo Crypto believes a wait-and-see approach is playing out. The analyst added:

“Some people are holding the Luna Airdrop hoping that Terra 2.0 will go to the moon. While some people had to sell to recover some of their losses from Luna classic. There are also those not sure of what to do yet. Whatever you decide, you might be right. No one knows tomorrow.”

Therefore, time will tell how the Terra network progresses, given that the proposal to burn 1.3 billion UST tokens was recently approved.

Source

Bitcoin.News

Tag: LUNA 2.0

BitMEX Lists Luna 2.0, ETH Margin and Settlement Options

LUNA 2.0 Debut Experiences Hiccups as Price Plummets, Will Trust Remain Robust?