When the calendars showed November 2021, Bitcoin and altcoins experienced an incredible bull run, resulting in an all-time high (ATH). After the ATH, while the entire market was discussing a $100,000 BTC price expectation, an event on May 9, 2022, triggered the crypto winter. The price of LUNA tumbled, and Terra’s stablecoin UST lost its $1 peg amidst the chaos led by Terra and Do Kwon. The subsequent disappearance of Do Kwon, who was later caught in Montenegro, turned the ongoing process into a never-ending story.
The Extradition Race for Do Kwon
Following Do Kwon’s capture in Montenegro with a fake passport, an extradition race ensued between the USA and South Korea. Both countries pressured Montenegro for Kwon’s extradition to their respective territories.
Recently, an appeals court overturned the decision to extradite Kwon to the USA, marking a significant victory for his side. Following this, South Korean officials took action for Kwon’s extradition.
According to recent news, the Montenegrin court has approved the decision to extradite Kwon to South Korea. With numerous approvals and overturned decisions, uncertainty remains about what might happen before the extradition is finalized.
Terra Classic (LUNC) Price Outlook
Following the news, the price of LUNC saw an immediate increase. This suggests that LUNC investors may have reacted positively to the decision.
Looking at the last 24-hour price movement, LUNC experienced a 4% increase following the news, trading at $0.00013344.
LUNC’s market cap also showed a similar increase, reaching $782 million, placing it at rank 113. Despite the positive price reaction to the news, a 40% decrease in 24-hour trading volume was observed, with the volume settling at $66.2 million. This decrease may indicate that investors were not actively trading LUNC despite the news.
On the other hand, USTC was trading at $0.02603, a 3% increase, bringing some relief to investors amid falling market conditions. Similar to LUNC, USTC also saw a decrease in trading volume, down by 37%, with a 24-hour volume of $21 million.
