TerraClassicUSD climbs 15% in 24 hours reclaiming $400 million market cap

After a brief collective bullish run, the majority of the cryptocurrency market is back in the red, but the collapsed ‘stablecoin' TerraClassicUSD (USTC) continues to advance, positioning itself as the top gainer over the past 24 hours.

Timeline of Terrausd

Leading cryptocurrency exchange Binance has announced that Terra Classic' TerraClassicUSD ($USTC) to its list of borrowable assets, effectively making it an asset the exchange's millions of users can borrow to use in their trading activity.

Cryptocurrency traders have been anxious over the last 24 hours as the market reels from the Consumer Price Index data. During the past 24 hours, the overall cryptocurrency market has dropped by around 2% to $943 billion at the time of writing.

Terra's collapsed stablecoin TerraClassicUSD (USTC) emerged as the highest gainer among the top 100 cryptos. This sudden spike in USTC prices is baked by the recent announcement by the Terra Luna Classic core developer.

It was the stablecoin of the Terra ecosystem which kick-started the great compression within the crypto space earlier this year in May. The de-peg created a domino impact within the entire market as many institutions underwent huge losses, creating a massive liquidity crisis within.

Singapore-based cryptocurrency data aggregator CoinGecko has just released its second quarter (Q2) report for 2022. The report outlined the condition of the entire stablecoin market.

Terra's supposedly “dead” cryptos are defying the bear market. The algorithmic stablecoin TerraUSD Classic (USTC) has caught fire again, reclaiming over 700% value in the past couple of days in spite of the crumbling cryptocurrency market.

Regulators are paying more attention to UST than ever before due to the collapse of the algorithmic stablecoin TerraUSD so let's read more today in our latest cryptocurrency news. Luna collapsed, TerraUSD crashed and now this is becoming a big thing.

Brazil-based crypto exchange Nox Bitcoin announced it will spend 620 million Brazilian reais to reimburse UST holders, crypto news outlet Portal do Bitcoin reported. The post Brazilian crypto exchange refunds all UST holders 1:1 appeared first on CryptoSlate.

Luna collapsed, terraUSD collapsed and this is now going to be a Big Thing. I would go so far as to say that UST's collapse, as dramatic as it was, will have a legacy similar to Libra's.

In a recent interview, Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence (Bloomberg's research arm on the Bloomberg Terminal”), shared his thoughts on the collapse of $UST. Speaking in an interview with Cointelegraph, McGlone said the $UST price collapse was a warning to the rest of the crypto industry on the dangers of algorithmic stablecoins. $UST, which most investors originally