Terra Stablecoin (USTC) Rises 50% in 24-hours: Here's WHy
Terra ’s stablecoin USTC and its native coin LUNA (currently known as LUNC) were at the heart of the summer 2022 crash. USTC lost its peg to the dollar, and a new LUNC was created to counter to same. Firms with significant exposure to LUNC and USTC were gravely affected. Many filed for bankruptcy, while others were part of acquisition deals. Nonetheless, the Terra collapse was as historic, as it was downright disastrous. However, as the broader crypto market enters another volatile phase, Terra ’s USTC seems to be the highest gainer among the top 100 crypto projects. At press time, USTC is up by 49.5% in the last 24 hours, and by 58.6% in the last 7-days. Moreover, the token is up by 49.7% in the last 14-days. This is especially surprising as most major projects are currently decreasing in value. The fall in the markets is most likely in anticipation of the CPI numbers which are due on the 13th. As per analysts, the Fed will most likely increase interest rates by anothe...