News has emerged that Terraform Labs and its co-founder Do Kwon have reached a settlement with the U.S. Securities and Exchange Commission (SEC), leading to significant price surges in Terra ecosystem tokens. This development saw LUNC and USTC prices jump by 15%, though some gains were moderated over the past 24 hours, showing a 5.67% net increase. Analysts predict that the LUNC price could potentially surge to the $0.0002 mark, projecting a 60% increase.
Fraud Charges Settlement
The temporary agreement with the SEC over fraud allegations has reverberated through the market. This settlement follows an April jury decision that held Kwon and Terraform Labs responsible for approximately $40 billion in investor losses. U.S. District Judge Jed Rakoff has requested that both parties submit documentation of the agreement by June 12. The SEC demands that Terraform Labs and Do Kwon forfeit $5.3 billion in illicit gains from stablecoin sales, along with fines totaling $520 million.
Following the news, Terra (LUNA) experienced a 30% price surge within an hour but later saw a slight pullback. Within the same timeframe, trading volumes soared by 183%, hitting $118 million. LUNC’s current price stands at $0.0001218.
What Does the Future Hold for USTC?
According to Coinglass, a prominent market data provider, futures open positions for LUNC and 1000LUNC surged by 20% in the last 24 hours. On Binance, the open interest rate climbed by over 23%. Crypto analyst Javon Marks suggested that LUNC might be in the early stages of a breakout, potentially reaching $0.00021439, which would signify a 63% increase.
Simultaneously, USTC prices saw a 9% increase, trading at $0.02373 at the time of writing. Over the last 24 hours, USTC traded between $0.02152 and $0.02694, with trading volumes spiking by over 200%.
Total USTC futures open interest also rose by 15% in the last day. Huobi exchange data revealed a 25% increase in USTC futures open positions within an hour.
Key Takeaways
– LUNC prices have the potential to rise to $0.0002, indicating a possible 60% increase.
– Trading volumes for Terra (LUNA) hit $118 million within 24 hours, showcasing a 183% rise.
– USTC prices increased by 9%, with a trading range of $0.02152 to $0.02694 in the last 24 hours.
– Futures open positions for LUNC and USTC saw significant increases, indicative of heightened market interest.
In conclusion, the agreement between Terraform Labs and the SEC has triggered notable market activity and price increases for Terra ecosystem tokens. Analysts suggest further upward potential for both LUNC and USTC, supported by increased trading volumes and futures interest.