Recently, Binance, the world’s largest cryptocurrency exchange, unveiled the USD-M USTC Perpetual Contract with 50x leverage on November 27 via Binance Futures. The contract commenced trading at 12:30 UTC, creating ripples of anticipation and excitement within the crypto community.
Notable Price Impacts of the Announcement
The official announcement by Binance Futures regarding the USD-M USTC Perpetual Contract sent shockwaves across the Terra ecosystem tokens. This bold move by the exchange fueled a surge in prices, notably impacting Terra Luna Classic ($LUNC), Terra ($LUNA)î, and USTC ($USD).
Key Features of the USTC Perpetual Contract
Binance’s introduction of the USD-M USTC Perpetual Contract comes with a leverage offering of up to 50x. This development positions Binance Futures as a significant player in the perpetual trading landscape.
Market Response and USTC, LUNA, LUNC Price Movements
The market responded with enthusiasm to the Binance announcement, resulting in unexpected bullish movements in the Terra ecosystem tokens. Notably, TerraClassicUSD witnessed an impressive surge of over 286% within a 24-hour period, reaching a yearly high at $0.0683. The market cap of TerraClassicUSD also skyrocketed by over 286%, accompanied by a remarkable 2100% increase in trading volume.
Simultaneously, Terra ($LUNA) experienced a gain of over 32%, while Luna Classic ($LUNC) saw a surge of over 51%. This surge in prices and market activity positioned the Terra ecosystem at the forefront of the Altcoin Rally on Monday.
The launch of the USD-M USTC Perpetual Contract by Binance Futures has undeniably injected renewed vigor into the Terra ecosystem, driving substantial gains and contributing to the broader momentum of the Altcoin market. As the Terra community celebrates these unexpected price hikes, the broader cryptocurrency landscape remains attentive to the evolving market dynamics spurred by Binance’s strategic move.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.