Why Terra Stablecoin USTC Jumped When the Market Slumped?
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On October 13, Binance stated that it would add USTC to its platform for loans as a borrowable asset concurrently with the publication of the US CPI data. Following the Sunday Medium release of the USTC re-peg proposal, this caused USTC's price to surge once more. From October 9 to October 11, the price grew by 17.55%, 26.53%, and 33.49% (24 hours), peaking at $0.0617 on Monday. Yesterday, as the rest of the cryptocurrency and stock markets were falling, the price of USTC rose by 19.81% in a single day, peaking at $0.05577.
USTC Price by Day from MEXC Global
Additionally, the price of USTC has increased by 57.78% since last week. The community of Terra has grown more confident as a result of the recent price performance. YouTuber and Terra Luna Classic enthusiast ClayBro claims that MEXC Global and Binance have adopted the LUNC burn mechanism, and that Binance has recently added USTC as a borrowable asset. This suggests that decentralized exchanges do have faith in Luna or else they wouldn't support the community, according to ClayBro.
Although the Luna collapse in May led investors and crypto enthusiasts suffer from loss. I believe the new burn mechanism and the stablecoin re-peg proposal both bring the hope to our Terra community by reducing LUNC supply.
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