After Binance’s warning labels were removed, Terra Classic and USTC soared in value.
Following Binance’s decision to finally remove the warning labels associated with Terra Classic (LUNC) and TerraClassicUSD (USTC), appropriate rallies have been held for each of these coins.
In the wake of the Terra collapse and Do Kwon’s issues with South Korean authorities, Binance has attached the warning labels.
The LUNC camp’s well-known influencer Classy Crypto brought attention to the encouraging development today by reporting the price changes of both assets.
“ALERT $LUNC & $USTC are RUNNING after warning labels from Binance were removed from its platform,” Classy reported.
Although the warning on LUNA has been deleted, a glance at Binance verifies that the warning labels have been removed.
These assertions are supported by data from CMC, which shows that USTC has increased by 16.39% over the last day and is presently trading at $0.02526 as of publication.
Before meeting mild resistance, the asset had increased by 14% in two hours to a 2-week of $0.2720.
USTC has managed to hold onto a 5% gain over the last hour despite the resistance.
Additionally, its market capitalization, worth $245M, has increased significantly over the previous 24 hours, moving it up to the 132nd spot on the list of the largest mainstream assets by market cap.
In the meantime, LUNC has also mounted a small rally, rising 5% in just two hours to a peak of $0.0001751 before hitting a wall.
The asset continues to trade above the $0.00017 mark, trading at $0.0001729 at the reporting time, up 2.35% from the previous day.
At midday today, Classy disclosed that Binance’s caution labels had been removed from the assets, which explained the price increases.
Binance applied a warning label to Terra assets after South Korean prosecutors filed an arrest warrant for Do Kwon, alerting investors to the news and urging them to exercise caution when trading.
The labels nonetheless put a stigma on the assets and might make prospective investors apprehensive, even though they might not deter those familiar with the developments surrounding the case.
Earlier last year, Classy urged Binance to get rid of the labeling.