After the great rise in the cryptocurrency market in November 2021 when $100,000 price expectations were talked about for Bitcoin and altcoins, a crisis exploded in May 2022 related to Terra and Do Kwon. The value loss of Terra’s stablecoin UST and the price fluctuations of LUNA started a new phase with the arrest of Do Kwon in Canada.
International Struggle for Do Kwon’s Extradition
Do Kwon was caught in Canada with a fake passport and the legal process started after extradition requests from the United States and South Korea. The decision to extradite Kwon to the US was overturned and seen as a victory by South Korea. However, in recent developments, Kwon’s extradition to South Korea has been approved. The uncertainty of what will happen next in the process remains.
Latest Situation on LUNC and USTC Prices
Following the approval of Kwon’s extradition, the price of Terra Classic (LUNC) increased and was positively received by investors. LUNC gained value by 4% to trade at $0.00013344 and reached a market cap of $782 million.
However, there was a 40% decrease in the 24-hour trading volume, which amounted to $66.2 million. This decrease indicates that despite positive news, investors limited their LUNC buying and selling transactions.
USTC traded at $0.02603 with a 3% increase and a 37% decrease in trading volume, set at $21 million. The decreases in trading volume for both LUNC and USTC indicate cautious behavior among investors.
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