While China has banned trading in cryptocurrencies, it's people still like to buy and sell all sorts of token, even though it's been banned.
After a rough weekend in which the price fell more than 50% from its peak of $69,000 in November 2021, the price of the digital currency continued to plummet on Monday. The crash is happening with the depegging of terraUSD.
A stable coin is a digital currency that is pegged to a more stable reserve asset like the US dollar or gold and is designed to reduce volatility while offering the benefits of a digital currency. A stable coin is one that uses a computer program to maintain a price similar to a central bank. UST is a token that uses smart contracts or lines of code to execute decisions.
The organization behind UST, Luna and Luna Foundation Guard emptied its treasury wallet on Monday. The price of UST dropped.
On the same day, the #luna shot up to the top ten keywords on Weibo, which is China's equivalent of the US's popular social network, and is seen as a bellwether for public discussion in the country. As of Monday evening, the posts had generated over 15 million views.
Luna has seen its day, despite the fact that it has been announced that it will lend 1.5 billion to UST. Even if it is saved, it could suffer from Parkinson's disease, which left half of it alive. One user with over 200,000 followers on Weibo wrote that no one would be involved in the trust crisis. The price of Luna dropped more than 50% within 24 hours.
According to SimilarWeb, nearly 10% of the traffic to OKX comes from China, which is hard to measure.
Bitcoin’s value nears $30,000 mark as Luna Foundation Guard liquidates wallet
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