LUNA, LUNC, and USTC all experienced notable surges today, which have sparked many questions in the Terra and Terra Classic communities. Despite the notable volatility of the crypto market, these jumps had something else driving them.
The surges seem to be deeply intertwined with the recent legal developments surrounding Do Kwon, the founder and ex-CEO of Terraform Labs.
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Kwon, facing extradition requests between South Korea and the US, secured a victory as the court revoked its previous approval for his extradition. This unexpected turn of events from the Montenegro Appeals Court must have sparked a wave of optimism within the Terra community, sending token prices skyrocketing.
The Price Surges
Leading the charge was LUNA, the flagship token of the Terra ecosystem. It climbed almost 12% and peaked at $1.0116. It is currently trading at $0.9408, showing an 8.09% increase over the last 24 hours.
LUNC almost reached $0.0002, peaking at $0.0001731. It has dropped since then and is currently trading at $0.0001584, representing a 6.96% increase in the last 24 hours.
Finally, USTC, the stablecoin of the Terra Classic ecosystem, surged to a peak of $0.03651, before dropping slightly to its current price of $0.03418, which is a 5.06% increase over the last 24 hours.
While Kwon’s legal reprieve ignited the initial surge, broader market factors also played a supporting role. The anticipation surrounding the potential approval of a Bitcoin spot ETF further fueled the upward momentum. This general upswing in the crypto market provided fertile ground for the price surges.
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Can these Cryptocurrencies Keep this Momentum?
It is easy to get carried away by surges like these. Amid the euphoria, it is crucial to remember that the road to the Terra ecosystem’s full recovery remains long and winding.
The community recently rejected a massive 800 million USTC burn proposal, highlighting the ongoing internal debates and complexities. Moreover, Kwon’s legal saga is far from over, and future developments could trigger another shift in sentiment.
However, these cryptocurrencies also experienced massive surges last month, with USTC experiencing the biggest surge. Despite the decline at the start of December, USTC is still up 160.38% from last month.
The crypto market is surging at the moment and with the Bitcoin halving event coming in April, we could see bigger surges in the prices of cryptocurrencies.
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