The controversial stable coin of the Terra space known as UST, USTC, got listed as the most prominent winner for the day this June 27 after an unexpected volume of operations through FTX and KuCoin.
Amid the fluctuation in prices that is already common in the market at this time, Bitcoin and the most significant altcoins went down on June 27. However, one of the surprises came from the problematic UST, the stable coin of the original Terra network that now gets called USTC, which capitalized on an unexpected increase in the last day.
The Increase of USTC this June 27
A report examined the surprising increase observed in the stable coin USTC, a token that traded around USD 0.037 per unit, which is a number that shows an increase of more than 230% compared to June 26.
According to data from various media outlets, the stable coin that for many had already vanished showed an unexpected behavior in the last 24 hours.
The coin marked an unusual rise since June 26, and even though it crumbled down on various occasions, shortly before 8:00 a.m, it reached its highest peak, corresponding to at least USD 0.043, the point from which it started to fall progressively until approaching the highlighted values.
An Irregular Trading Volume
After checking out the market data, the daily trading volume is over 436%, topping $95.4 million. Most of that capital got moved through commercial activities executed on the FTX exchange, which holds more than 90% of the crypto activities applied throughout the day.
About USD 83.4 million got moved on said network only in buy/sell orders of USTC for US dollars, and at least USD 7.2 million in the exchange of USTC for USDT (Tether).
On the other hand, the KuCoin exchange also registered an unusual trading volume since at least USD 17.3 million got traded in the exchange of USTC for USDT.
The Crypto market Crumbled Again
Leaving aside what happened with the USTC, the crypto market crumbled again this June 27, and the behavior of the most prominent digital assets this fall got determined this way: Bitcoin traded this June 27 at around $20,729 per unit, falling by 2.3%.
For its part, Ethereum (ETH) also lost 2.8%, trading at about USD 1,186. On the other hand, Solana (SOL), Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX) went down with falls registered at 3% and 5% approximately. And finally, TRON (TRX) got listed as one of the few gainers on the day and experienced a rise registered at 5.3%.
By: Jenson Nuñez
