Binance Announces USTC Perpetual Contract, LUNC Price Up 60% And USTC 300%

The world’s largest crypto exchange Binance on Monday said it will launch a USTC perpetual contract offering up to 50x leverage after careful review. The move surprisingly comes amid a massive jump in TerraClassicUSD (USTC) and Terra Classic (LUNC) prices as Binance plans to launch the USTC perpetual trading today itself at 12:30 UTC.

Binance Launches USTC Perpetual Trading

According to an official announcement by Binance on November 27, Binance Futures to launch the USD-M USTC Perpetual Contract. Binance is offering up to 50x leverage for the USTC perpetual trading, which will launch at 12:30 UTC on November 27.

The funding fee settlement frequency is every four hours and the settlement asset is USDT. Moreover, the maximum funding rate of the USTCUSDT Perpetual Contract at the time of launch is +2.00% / -2.00%, as per the announcement. Binance will allow its users to trade the USTCUSDT Perpetual Contract across multiple margin assets under the Multi-Asset Mode.

“Qualified USDⓢ-margined futures liquidity providers will be eligible to enjoy 0.005% maker fee rebates for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days.”

The announcement further raised community sentiment, while also speculating whether it was already known to some investors as the Terra ecosystem tokens witnessed sudden rallies.

Also Read: Terra Luna Classic Community Passes Crucial Proposal; LUNC And USTC Price Skyrockets

LUNC Jumps Over 50% And USTC By 300% In 24 Hours

Terra ecosystem tokens jumped massively before Binance’s USTC perpetual contract announcement. Traders responded immediately to the announcement and prices moved up further.

LUNC price jumped nearly 60% in the past 24 hours, with the price currently trading at $0.00011. The 24-hour low and high are $0.0000787 and $0.0001256, respectively. Furthermore, the trading volume has increased by 1120% in the last 24 hours, indicating interest among traders.

USTC price trades at $0.068, up 300% in the past 24 hours. The 24-hour low and high are $0.015 and $0.068, respectively. The trading volume has also jumped massively.

Investors must keep an eye on profit booking as prices rallied immensely after Binance’s announcement.

Also Read: XRP Lawyer John Deaton Reprimands Jay Clayton, Bill Hinman, Gary Gensler

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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