Altcoins
Why is the price of LUNC and USTC rising today?
THE price of LUNC and USTC have both seen a considerable increase over the past day. But although there has been a slight recovery in the crypto market, there is another reason behind this price surge and it has everything to do with the currently incarcerated Terra blockchain founder, Make Kwon.
Terra founder released
Do Kwon, the founder of the billion-dollar Terra blockchain, which collapsed in 2022, has been in prison in Montenegro for months after being apprehended with fake travel documents. Since then, numerous efforts have been made by the governments of the United States and South Korea to obtain the founder’s extradition for prosecution in their respective countries, to no avail.
Between the two countries vying for extradition, there was Montenegrin court leans toward extradition to South Korea face charges for blockchain collapse. Despite this, the founder remains in Montenegro and the final decision regarding his extradition has not yet been made.
While the courts deliberated on where to send the founder, Do Kwon was finally granted his release from prison in Montenegro. According to published reports, Do Kwon is expected to remain in the country until the courts decide his fate.
Darko Vukcevic, prison chief confirmed Do Kwon’s release prison while he says the disgraced founder has served his entire sentence for false travel documents. He was reportedly released on Saturday March 23 and is currently under house arrest.
LUNC and USTC react to free Kwon
USTC and LUNC prices reacted positively to the news of Make Kwon will be released on Saturday. After the news made the rounds, the prices of both altcoins saw a significant rise, turning green despite ongoing difficulties in the crypto market.
THE LUNC Price saw a jump of over 10% from its Sunday low of $0.00015, reaching a high of $0.000172 before moving back lower. In the same spirit, the USTC Price also saw a 10% increase during this period, from $0.028 to a high of $0.031.
So far, both altcoins were able to maintain their gains over the past day, which could signal a continuation of the uptrend. At present, there is not much resistance for both assets and if Bitcoin continues to rise, then USTC and LUNC are expected to follow.
At the time of writing, LUNC is trading at $0.0001672 with a 24-hour gain of 9.4%, and USTC is trading at $0.0303 with a 24-hour gain of 5.39%, according to data from Coinmarketcap.
LUNC price rises to $0.00016 | Source: LUNCUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com