Altcoin News

Binance Expands Leverage For Terra Luna Perpetual Trading, Price Surges 9%

Binance raises leverage and lower maintenance margin rate for Terra Luna perpetual trading, fueling a 9% rally for the crypto.
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Binance Expands Leverage For Terra Luna Perpetual Trading, Price Surges 9%

Highlights

  • Binance has increased leverage by four times for Terra (LUNA) trading.
  • The exchange increased leverage from 11-20x to 51-75x for a position of 0 to 5000, indicating support for rally.
  • LUNC shoots 6% and LUNA rises 5% amid buying activity.

LUNC News: The world’s largest crypto exchange Binance has increased leverage by four times for Terra (LUNA) trading. The move comes as the exchange extended support for the Terra Luna community amid the bankruptcy of Terraform Labs. LUNA, LUNC and USTC prices all jumped amid the massive buying sentiment in the broader crypto market.

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Binance Offering Four Times Leverage on Terra Luna Trading

In an official announcement by Binance, the crypto exchange revealed updated leverage and margin tiers of LUNA2USDT. The exchange has increased leverage and reduced maintenance margin rate, coming as major news for the broader LUNC community.

The changes were exclusively made for traders looking to take a position of 0 to 5000, 5000 to 25,000, and 25,000 to 100,000. The exchange increased leverage from 11-20x to 51-75x for a position of 0 to 5000, indicating support for Terra Luna price rally.

Also, Binance announced changes in XEMUSDT, ORBSUSDT, LOOMUSDT, LUNA2USDT, QNTUSDT, CHRUSDT, and JOEUSDT USD-M perpetual contracts.

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LUNC News: Massive Bullish Momentum Signals

Terra (LUNA), LUNC, and USTC show massive bullish momentum as prices move above support levels. The community also seeks another major token burn from wallets related to beleaguered Terraform Labs and Luna Foundation Guard (LFG).

Terra (LUNA) price trades at $0.502, up 9% in the last 24 hours and over 60% in the last thirty days. The 24-hour low and high are $0.4746 and $0.5036, respectively. Derivatives trading activity is on the rise amid Binance’s changes to leverage, as per Coinglass data.

Meanwhile, LUNC’s price has jumped by 4% today and over 36% in the last thirty days. The price currently trades at $0.0001221, with a 24-hour high of $0.0001234. USTC price has climbed 10% in a month. Trading volume has increased by 15% in the last few hours.

Total LUNC futures open interest has surpassed the 100 billion mark, up more than 10% in the last 24 hours. 1000LUNC futures open interests on Binance and Bybit have climbed over 9% in the last 24 hours, indicating buying activity among traders.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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