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- Montenegro court ruling seemingly boosts LUNA, LUNC, USTC surge as market optimism soars.
- LUNA’s 10% spike highlights the market’s positive response to legal developments.
- Despite volatility, LUNC and USTC show resilience post-Kwon’s extradition halt.
Terra’s tokens, LUNA, LUNC, and USTC, have witnessed a significant surge in their market prices. This unexpected uptick aligns closely with the recent legal developments involving Do Kwon, the former co-founder and CEO of Terraform Labs. Notably, the Montenegro Appeals Court has overturned the decision to extradite Kwon to other countries, positively impacting investor sentiment toward Terra’s tokens.
Legal Ruling Sparks Market Optimism
The decision by the Montenegro Appeals Court halting Kwon’s extradition has renewed optimism within the Terra ecosystem. This judicial turn has effectively revoked the possibility of Kwon facing trials in South Korea and the U.S., at least for now.
*MONTENEGRO COURT CANCELS EXTRADITION APPROVAL FOR DO KWON: BBG— Tree News (@News_Of_Alpha) December 19, 2023
Consequently, the market has responded favorably, with notable price increases across LUNA, LUNC, and USTC. This development suggests a direct correlation between Kwon’s legal proceedings and the valuation of Terra-backed tokens.
Impact on Token Prices
As the market assessed these developments, the price of LUNA increased by over 10% in 24 hours, reaching $0.9753. Furthermore, the 24-hour trading volume and market capitalization climbed by 4.08% and 134.98%, respectively, to $157,876,682 and $585,302,324 due to increasing interest and investment in LUNA.
LUNA/USD 24-hour price chart (source: CoinStats)
Despite the initial euphoria, Luna Classic’s price trajectory remains volatile. After a sharp 17.5% intra-day increase, the price corrected, settling at a 6.4% rise over 24 hours. Currently trading at $0.0001577, LUNC has demonstrated a downward trend since early December, with a nearly 40% decline from its previous high of $0.0002575. This pattern suggests that long-term stability remains uncertain while short-term gains are evident.
LUNC/USD 24-hour price chart (source: CoinStats)
USTC also experienced a substantial increase, rising by 2.6% to a current trading value of $0.03389. These significant uptrends underscore the influence of external factors, such as legal rulings, on cryptocurrency valuations.
USTC/USD 24-hour price chart (source: CoinStats)
This positive trajectory for Terra’s tokens is not happening in isolation. It coincides with a broader recovery in the cryptocurrency market, particularly with the rising anticipation surrounding approving a Bitcoin spot ETF.
While the Terra community recently rejected a major USTC burning proposal, current market sentiments indicate a different story, suggesting a potential rebound for these once-troubled tokens.
The post Bullish Buzz: LUNA & LUNC Soar, Defying Predictions – What’s Next? appeared first on Coin Edition.