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LUNC price is currently compelled to trade within squeezed limits but is expected to break out in the upcoming days
Cryptocurrencies like Bitcoin and LUNC are barely making progress, but couldn’t hold on to it for long as the flagship currency started this week on a bearish note. While still, LUNC is struggling to shed its bearish pull, the upcoming US inflation numbers are expected to pull down LUNC even more.As per the reports, investors are of the opinion that if the inflation figures are 8.8% or more, the Federal Reserve will tighten the monetary policies further. On the other hand, if the inflation is below 8.5% will see dollar drops overall whereas the crypto will surge beyond 5%.
Terra Classic (LUNC) background check
Terra Classic and its sibling stablecoin, TerraClassicUSD (USTC-USTC), were created by those carrying out a blockchain project known as Terra. Launched as a stablecoin, TerraClassicUSD was supposed to continuously be worth US$1 per coin. Its relationship with Terra Classic was intended to help its price stay constant. However, due to a high number of withdrawals amid the collapse of cryptos in general, USTC’s value fell below US$1 starting in May, while the value of Terra Classic dropped to “virtually zero.”
South Korean crypto investment startup platform Uprise reportedly lost around 99% of its assets worth about US$20 million when it got liquidated shorting the Luna Classic (LUNC) token. Uprise’s trading desk Heybit uses artificial intelligence (AI) trading system that was designed to reduce the risks associated with leveraged trading.
Local news outlet Seoul Economic Daily reported on Wednesday that Uprise’s AI, which it calls a Robo-advisor, made a disastrous misread in May on LUNC as it fell precipitously from $60 to fractions of a cent. The system shorted LUNC but got liquidated during the token’s bizarre price pumps along the way, leading to US$20 million in customer losses and US$3 million of its own losses. In total, Uprise lost about 99% of its assets.
LUNC Price Forecast For 2023
If Terra Classic witnesses a major push by big money holders or whales, LUNC might eliminate a zero from its price tag. Successively, the digital token might hit its potential high of US$0.000366 by the end of 2023. On the other hand, if the project falls prey to the bears, LUNC’s price might land at a minimum of US$0.0001613.
Terra Classic Forecast For 2024
Terra Classic’s LUNC might ascend to a maximum of US$0.0006392. If it manages to hold onto its prominence against that of Terra (LUNA). However, if the crypto industry undergoes major reforms with regulatory clampdowns by governments across the globe. LUNC’s price might sink to the lows of US$0.000296.
Terra LUNA/Terra Classic LUNC
In light of regulatory actions following the collapse of Terra’s LUNA and its UST stablecoin, holders of these crypto-assets now seek compensation for their losses.
On 13 June, a class-action lawsuit was instituted against Binance.US and its CEO Brian Shroder by Jeffrey Lockhart, who sued for himself and on behalf of all other “similarly situated” claimants. According to the lawsuit, the claimants allege that Binance.US advertised and sold UST to investors as a “safe asset that could be used to earn substantial returns, including in the form of interest.” In doing so, the exchange misled its users about the “safety” of Terra’s UST stablecoin, it added.
That’s not all either. On 17 June, Nick Patterson filed an action against TerraForm Labs, Do Kwon, and a few venture capital firms for deliberately misleading investors about the true nature of the UST stablecoin.