Terra (LUNA), Terra Classic (LUNC), USTC Prices Soar 10% In An Hour, Here’s Why

LUNA, LUNC, and USTC, tokens backed by the Terra ecosystem, recently amassed noteworthy attention among crypto market enthusiasts globally as the tokens witnessed a sudden price jump today. The upward trajectory portrayed by the tokens comes in alignment with the recent decision by the Montenegro Appeals Court on Do Kwon’s legal chronicle.

Do Kwon, the ex-co-founder and ex-CEO of Terraform Labs, recently received a ruling from the above-stated court, revoking his extradition to other countries for criminal trials. The revoking of Kwon’s extradition further lined up with the price surge witnessed by the Terra-backed tokens on Tuesday.

In addition, the price surge also aligns with the recovery of the broader crypto market today, coinciding with the anticipation of a Bitcoin spot ETF approval.

Do Kwon’s Appeal Impacts Terra-backed Tokens’ Price

In a gust of developments orbiting around Do Kwon’s legal chronicle, the Montenegro Appeals Court today sided with Kwon’s attorneys. According to a recent report by CoinGape Media, the Appeals Court decided to halt Terra founder Do Kwon’s extradition on December 19, fueling optimism for the Terra-backed tokens.

As per the court’s announcement, the High Court’s initial decision on the matter was proved to be incorrect as the Appeals Court spotlighted significant violations of criminal procedure provisions encircling the matter. As a result, Kwon’s extradition to countries South Korea and the U.S. were promptly revoked.

Revoking the Terra founder’s extradition to other countries soon propelled optimism for the Terra-backed tokens, as illustrated by LUNA, LUNC, and USTC price jumps.

Also read: Montenegro Court Nullifies Terra Founder Do Kwon’s Extradition Decision

LUNA, LUNC, & USTC Prices Spring

As of writing, the Terra Price showcased a prompt jump of 11.71% over the past 24 hours, reaching $0.9753. The rise in Terra’s price was further accompanied by an upsurge in Terra Classic’s price, soaring 13.07% and currently evaluating $0.0001662. Moreover, even the USTC price witnessed a substantial jump of 7.46% and is currently trading at $0.03513.

The concurrent rise in all the Terra-backed tokens comes primarily as a result of the revoking of the Terra founder’s extradition. However, anticipations orbiting the approval of a Bitcoin spot ETF seem to have further accompanied the upswing.

Moreover, although the Terra community recently rejected a colossal USTC burning proposal, current market sentiments for the crashed tokens seem otherwise.

Also read: Justin Sun Withdraws 577 Bln SHIB From Binance As Shiba Inu Price Soars

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