Key Takeaways
Although it has been cast adrift somewhat, TerraClassicUSD has made something of a recovery lately. The news that the coin’s founder, Do Kwon, was to be extradited to either the United States or his native South Korea helped boost the price of not only USTC, but the Terra Classic (LUNC) and Terra (LUNA) cryptocurrencies.
The trial in the United States involving Terraform Labs and its co-founder Do Kwon, originally set for January 29, has been postponed.
The United States Securities and Exchange Commission (SEC) filed a request in a Manhattan federal court for the delay. The regulator said it wanted Kwon, who is awaiting extradition from Montenegro, to attend.
The decision to postpone the trial comes after Kwon’s lawyer indicated that Kwon, who is facing allegations related to a $40 billion cryptocurrency fraud, wishes to be present at the trial and has consented to extradition. The SEC expects Kwon could arrive in the United States by mid-March. This, it says, justifies the need for a brief postponement.
Nevertheless, USTC has been facing problems, with it being listed as an unregistered security by the United States Securities and Exchange Commission (SEC).
TerraClassicUSD did not immediately respond to a request for comment.
On January 22, 2024, USTC was worth about $0.03685.
But what is TerraClassicUSD (USTC)? How does TerraClassicUSD work? Let’s see what we can find out, and also take a look at some of the TerraClassicUSD Price Predictions that were being made as of January 2, 2024.
Let’s examine some of the TerraClassicUSD price predictions being made on January 22, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
2024 | 2025 | 2030 | |
---|---|---|---|
Prediction #1 | $0.0247 | $0.0247 | $0.0247 |
Prediction #2 | $0.39 | $0.54 | $1.04 |
Prediction #3 | $0.019 | $0.030 | $0.062 |
First, CoinCodex made a short-term TerraClassicUSD price prediction which suggested the crypto would reach $0.027503 by January 27 and $0.027539 by February 21. The site’s technical analysis was bearish, with seven indicators sending bullish signals and 21 making bearish ones.
DigitalCoinPrice said that USTC would reach $0.0247 by the end of this year. Telegaon said it would trade at $0.39 then. BTCC thought it would reach $0.019 in 2024.
Moving on, DigitalCoinPrice’s TerraClassicUSD price forecast said it would stay at $0.0247 in 2025. Telegaon said it would be worth $0.54 then. BTCC said USTC would trade at $0.030 next year.
Looking at a more long-term TerraClassicUSD price prediction for 2030, DigitalCoinPrice said the coin would stay stable at $0.0247. Telegaon thought it would be worth $1.04 then. BTCC’s USTC price prediction had it trade at $0.062 at the start of the next decade.
Google’s BardAI gave the following TerraClassicUSD price predictions on November 28 2023. Keep in mind that price predictions are very often wrong, and that artificial intelligence should not be fully trusted,
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The most recent news – excluding Do Kwon legal issues – regarding USTC relates to Binance listing TerraClassicUSD perpetual. Recently, speculation emerged of a proposed recovery plan, focused on Bitcoin with an airdrop, but there has been no confirmation of this rumor.
Now, let’s examine some of the highlights and lowlights of the TerraClassicUSD price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a TerraClassicUSD price prediction.
USTC – back when it was known as UST – basically stayed at around $1 between its launch in 2021 and its depegging in May 2022. The collapse of Terra saw it drop, reaching an all-time low of $0.006218 on June 18, 2022. There was some recovery over the rest of the year and it closed 2022 at $0.01995.
USTC started 2023 well, reaching a high of $0.04213 on February 3. The crypto then dropped. Things were made worse when the SEC sued the Binance and Coinbase exchanges in June. USTC fell to a low of $0.01041 on June 12. The coin made a recovery to $0.01956 on July 16 but then fell back down to $0.01065 on October 19.
It then reached $0.07581 on November 27 and closed the year at $0.03299. This represented an annual decline of at the end of the year but started the new one on a negative note, falling to $0.0248 on January 22, 2024.
At that time, there were 8.9 billion USTC in circulation out of a total supply of 9.8 million. This gave it a market cap of around $222.5 million, making it the 185th-largest crypto by that metric.
USTC made a recovery in late 2023, moving from a little over $0.01 in the middle of October to $0.0751 on November 27.
It then fell more than 70% by the middle of January. However, the Relative Strength Index (RSI) technical indicator suggested the crypto is currently oversold, meaning it could recover.
Therefore, it is likely that USDT could reach $0.077 at some point soon.
It is hard to say. While – at least in theory – USTC is meant to be worth a dollar at all times, it has not reached that level in more than 18 months. In fact, one could argue that the depegging of USTC was the final nail in the coffin for the crypto boom that started in early 2021.
On the other hand, it does have a fairly active base, and its recent performance has been encouraging. We will have to wait and see what happens next.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in USTC.
No one can really tell right now. While the TerraClassicUSD crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in TerraClassicUSD, you will have to do your own research, not only on USTC, but on other, related, coins and tokens such as Tether (USDT). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
In its technical documentation, or whitepaper , Kwon and his colleagues said “TerraUSD (UST) is the decentralized and algorithmic stablecoin of the Terra blockchain.”
They added: “It is a scalable, yield-bearing coin that is value-pegged to the US Dollar. TerraUSD was created to deliver value to the Terra community and offer a scalable solution for DeFi amid severe scalability problems faced by other stablecoin leaders like Dai. Thus, TerraUSD promises users a higher level of scalability, interest rate accuracy, and interchain usage.”
Do Kwon was the co-founder and CEO of Terraform Labs, the parent company of crashed stablecoin TerraUSD and cryptocurrency Luna.
On January 22, 2024, one wallet held more than 26% of the supply of TerraClassicUSD.
As of January 22, 2024, the five wallets with the most USTC were
Supply and distribution | Figures |
---|---|
Maximum supply | NA |
Circulating supply (As of January 17, 2024) | 8,970,878,455 |
Holder distribution | Top 10 holders owned 67% of supply, as of January 22, 2024 |
TerraClassicUSD – originally known as TerraUSD – was set up in 2020 and came onto the market in 2021. Linked to the Terra blockchain it, in effect, was part of a dual token system with Terra’s LUNA which helped create and stabilize the TerraUSD cryptocurrency. USTs were minted by burning LUNA and could also be swapped for LUNA.
Unfortunately, the depegging saw LUNA collapse and transformed into the Terra Classic (LUNC) crypto. TerraUSD became TerraClassicUSD.
In September 2023, the LUNC community voted to end the link between Terra Classic and USTC.
TerraClassicUSD was intended to be an algorithmic stablecoin. As we have said, if UST rose above the dollar, LUNA was burned in order to mint UST and if it fell below the dollar, the reverse happened.
However, the break of the link between USTC and LUNC in September means that, at present, it is basically a store of value. It can also be bought, sold, and traded on exchanges.
When looking for TerraClassicUSD USTC Google search volume for the past 90 days, Google Trends says “There is insufficient data related to your search to be shown here.”
It might do, but not for a while. Telegaon says it can finally regain its peg in 2030.
Initially a stablecoin, USTC is a store of value and can be bought, sold, and traded on exchanges.
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Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.