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Binance crypto exchange has announced that it resumed spot trading for LUNA/BUSD and UST/BUSD trading pairs. Starting today, 14:00 (UTC), the exchange has recommenced spot trading. Additionally, deposits and withdrawals for LUNA and UST will also be unbolted simultaneously with the trading.
In detail, Binance unrolled this decision following Terra’s tweet that it has resumed block production on May 13, 2022.
The Terra blockchain has resumed block production.
Validators have decided to disable on-chain swaps, and IBC channels are now closed.
Users are encouraged to bridge off-chain assets, such as bETH, to their native chains.
Note: Wormhole bridge is currently unavailable.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022
More Significantly, LUNA shook the crypto world when its price value plummeted to a worse stage. As of now, LUNA is registered at a price of $0.00005108, with a nearly 99% downtick.
Along with the latest market dip, LUNA has crashed massively during the last couple of days. From an all-time high of around $119, LUNA crashed down to the above-mentioned price at the moment of writing this article.
The price demise of LUNA was accompanied with the stablecoin TerraUSD crash, which went down to $0.1 at the current moment. One might argue that the crash of TerraUSD led LUNA to fall to unimaginable lows.
Yet with all that happening during the last week, LUNA seems to be recovering. Do Kwon, the founder of Terraform Labs, announced its recovery plans in a series of tweets.