Binance Cuts Bitcoin-Margined LUNA Perpetual Contracts

In response to the Terra Luna saga, Binance, the biggest cryptocurrency exchange, has de-listed Bitcoin-margined LUNA perpetual contracts. It also reduced leverage to 8X for USDT-margined LUNA perpetual contracts. Binance plans to de-list its LUNAUSDT perpetual contracts if the price falls below $0.005

“We are in a new market, with many innovations. Algo stable coins are one of them. When they are hot, they are all the rage. When they drop, it can be a vicious circle. Some innovations will become successful, and many won’t,” said Changpeng Zhao, founder, and CEO of Binance.

Earlier this week, Binance halted the withdrawal of UST and LUNA from their platform following UST depegging. UST, Terra’s algorithmic stablecoin, was trading at $0.60, and LUNA was down another 98.5%, trading just above $0.02.  

Warren Buffett Backed Digital Bank Buys Bitcoin

Nubank, a Brazilian digital bank, added bitcoin to its treasury, allocating 1% of its portfolio to the digital asset. The company also allows customers to buy, sell and hold the currency in its mobile app. 

A partnership with Paxos, a regulated blockchain infrastructure platform, allows Nubank to offer low-cost cryptocurrency trading to its clients through its mobile wallet platform. The cryptocurrency trading platform will roll out in phases. It is currently in the beta or testing phase. 

According to a CNBC report, Warren Buffet’s investment firm Berkshire and Hathaway invested $500 million in Nubank in June 2021. Later on, the firm acquired another 30 million shares for $250 million as Nubank went public in December.

Chinese High Court declares Bitcoin a Virtual Asset protected by Chinese Law

In a recent court ruling, the Shanghai High People’s Court declared bitcoin a virtual asset protected by Chinese law, despite the ban on cryptocurrency trading and mining in China. 

The court’s official Wechat channel posted a notice last week stating: “In the actual trial practice, the People’s Court has formed a unified opinion on the legal position of bitcoin and identified it as a virtual property.”

The case in question involved a Mr. Cheng Mou, who filed a lawsuit against Mr. Shi Moumou, demanding that he pays him back one bitcoin. The lawsuit was filed in October 2020. 

Beijing’s Deheng Law Firm lawyer, Liu Yang, told the media that the high court’s ruling will play a significant role in civil disputes involving bitcoin in the future.

Written by Lindi Miti © Crypto University 2022