Crypto news on the cryptocurrency market for 10/11/2022 bitcoin news Ethereum Bybit Binance Ethernit

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Crypto news on the cryptocurrency market for 10/11/2022 bitcoin news Ethereum Bybit Binance Ethernity Chain (ERN) ERN/BUSD Mirror Protocol (MIR) MIR/BUSD TerraClassicUSD (USTC) USTC/BUSD.

Crypto news:
1. Bitcoin dipped below $19000 as negative sentiment grows.
2. Coinbase gains in-principle approval for Singapore crypto license.
3. Multiverse Labs launches government-backed metaverse city in UAE.

Which cryptocurrency has the highest growth on 10/11/2022:

Ethernity Chain (ERN) ERN/BUSD +7.46%
Mirror Protocol (MIR) MIR/BUSD +8.74%
TerraClassicUSD (USTC) USTC/BUSD +51.40%

TerraClassicUSD (USTC) An Algorithmic Stablecoin Rebranded from TerraUSD (UST).
Rebranded from TerraUSD (UST), TerraClassicUSD (USTC) is a decentralized algorithmic stablecoin on the Terra Classic blockchain. After the depeg of USTC in May 2022, the Terra community decided to create a new blockchain without the algorithmic stablecoins called Terra 2.0. The original blockchain is renamed as Terra Classic.
USTC is designed to be pegged to 1 USD, and in order to mint 1 USTC, 1 USD worth of the reserve asset, LUNC, must be burned. USTC's stability mechanism depends on arbitrage activities by users. For instance, when the price of USTC falls to $0.95 in secondary markets, users can purchase 100 USTC with $95 on exchanges, and redeem these tokens on the Terra platform for LUNC tokens worth $100. If the price of 1 USTC goes above $1, users can purchase USTC on the Terra platform and sell on exchanges for a profit.
As at May 31st, 2022, the total and circulating token supply of USTC is 10,269,448,617.

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