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Terra USTC Sees 482% Rise in Trading Volume as Price Spikes 13%

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Fri, 28/10/2022 - 15:45
Terra USTC Sees 482% Rise in Trading Volume as Price Spikes 13%
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The price of TerraClassicUSD (USTC) is suddenly up 13% in the last 24 hours. This comes as most cryptocurrencies traded in the red and a few saw minimal gains. USTC's trading volume in the last 24 hours also jumped 482%, per CoinMarketCap data.

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At the time of publication, USTC was trading at $0.043. The reason for the sudden increase is unknown, as there appear to be no news or related developments.

On Monday, Binance published the results of its fourth batch burn. According to data updated on its website, LUNC tokens worth $321,701.83, or 1,344,794,898.93 LUNC, were sent to the burn address.

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On Oct. 19, a new tax rate became effective as the Terra Classic community approved proposal 5234, which lowers the tax burn rate from 1.2% to 0.2% and sets aside an additional 10% of tax revenue for ecosystem contributors and infrastructure.

As reported by U.Today, crypto exchange Bitfinex has announced support for the LUNC 0.2% tax burn.

Latest on Do Kwon

The latest court ruling appears to bolster Terra founder Do Kwon's defense, according to South Korean prosecutors who are trying to bring charges against him for the $60 billion losses resulting from the Terra crash.

They said it after a judge denied a plea to detain someone connected to Kwon's Terraform Labs. One of the reasons given by the judge was that it is questionable whether the defendant violated the country's Capital Markets Act as claimed by the prosecution — a key accusation Kwon also faces and has contested.

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The situation brings to light disputes about whether the now-defunct TerraUSD and Luna currencies can be governed as securities under a law intended for financial instruments like stocks and bonds.

South Korea, like the U.S. and many other countries, has not yet adopted a legal code for crypto to cement its status.

The Seoul prosecutor's office stated that it is making its "best efforts" to look into the case, adding that "the fact there is a legal argument does not mean the investigation can't go on."

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