Binance to Shut Down Withdrawals for Terra (LUNA) on This Date: Reason
Analysis
Price Impact
HighThe news of binance supporting terra (luna)'s network upgrade to v2.18, aimed at enhancing stability, security, and resolving ibc issues, has already triggered a significant short-term price surge for luna (23.15%) and its ecosystem tokens (lunc, ustc). this indicates a strong market reaction to positive development news.
Trustworthiness
HighThe information comes directly from binance, a major cryptocurrency exchange, regarding its support for a network upgrade. this is an official announcement and therefore highly reliable.
Price Direction
BullishThe network upgrade focuses on crucial aspects like stability, security, and rectifying past issues (ibc exploit), which are positive fundamentals. binance's active support further legitimizes the project's ongoing development. the immediate market response, with luna's price surge, confirms a bullish sentiment driven by these developments.
Time Effect
ShortWhile network upgrades offer long-term fundamental benefits, the immediate price pump is typically a short-term reaction to the news and speculative buying. the actual long-term price direction will depend on the successful implementation of the upgrade and its impact on the network's utility and adoption over time.
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Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News Major crypto exchange Binance will suspend deposits and withdrawals of tokens on the Terra (LUNA) network on Dec. 8, 2025. Advertisement Binance will be taking this measure in order to support Terra (LUNA) 's network upgrade, which will take place at block height 18,660,000, or on Dec. 8 at 1:05 p.m. (UTC). This would also ensure the best user experience, Binance added. The trading of tokens on the Terra (LUNA) network will not be affected, as users will still be able to trade. Deposits and withdrawals will be reopened once the upgraded network is deemed to be stable, however, this might not necessitate a further announcement. HOT Stories Morning Crypto Report: Elon Musk's SpaceX Relocates $100 Million in Bitcoin, USD Stablecoin $1 Million Exploit, New Cloudflare Outage Takes Down Coinbase XRP Hits Deepest Fear Levels Since October Crypto Market Prediction: 150% Shiba Inu (SHIB) Skyrocketing, Is Ethereum (ETH) Death Cross Cancelation Confirmed? Where's Bitcoin (BTC) Going to Stop: $93,000, $86,000 or Lower? Ripple Finalizes Acquisition of Treasury Management Giant GTreasury The Terra Chain will be upgrading to v2.18 on Dec. 8, 2025. This chain upgrade contains important upgrades for blockchain stability and security. The upgrade also burns ASTRO tokens to restore proper IBC balances, an issue from the IBC Exploit. Advertisement What's happening? Terra (LUNA) rose 23.15% in the last 24 hours to $0.08724, an outlier against the backdrop of the broader crypto market, which saw most cryptocurrencies trade in red and $298 million in liquidations. The Terra token has been on the sidelines since its historic crash in 2022, which wiped out billions of dollars in value. Terra Classic (LUNC) also mirrored this rise, up 50.11% in the last 24 hours to $0.00004183, with its 24 hour trading volume rising 948% to $117.24 million. Terra ClassicUSD (USTC) rose 23% weekly, with its 24-hour trading volume skyrocketing 1,254% to $19.29 million. The Terra ecosystem launched the Terra 2.0 blockchain in May 2022, following the collapse of the original Terra network. The original LUNA coin was tied to the algorithmic stablecoin TerraUSD (UST), whose loss of its U.S. dollar peg in May 2022 led to a collapse in value across both tokens. The new token created by a hard fork afterwards was named Terra (LUNA), while the original chain was renamed Terra Classic (LUNC) and the TerraUSD (UST) stablecoin renamed Terra ClassicUSD (USTC). #Binance #Terra News