Sunday, June 04, 2023
MetaWeb3
Subscribe
  • Home
  • About Us
  • Listings
    • ICO List
    • IDO List
  • Web3 Events
    • Events List
    • Events by Month
    • Web3 Calendar
  • News
  • Blog
    • Blog
    • Press Release
  • Contact
    Home / News / China’s internet users are paying close attention to the crypto crash
BTC/USD
  • BTC/USD
  • XRP/USD
  • BCH/USD
  • EOS/USD
  • LTC/USD
  • TRX/USD
  • ADA/USD
  • XLM/USD
  • IOT/USD
  • ABC/USD
  • NEO/USD
  • XMR/USD
  • DASH/USD
  • XEM/USD
  • QTUM/USD
  • BCN/USD
  • ICX/USD
  • ZEC/USD
  • LSK/USD
  • IOST/USD
Low
High
Marketcap
News
May 10, 2022 by admin
Share this:
  • Facebook
  • Twitter
  • Google Plus
  • Pinterest
  • Email to a Friend

China’s internet users are paying close attention to the crypto crash

China Crypto

While cryptocurrency trading is illegal in China, its citizens are nonetheless interested in the ups and downs of the market, not least because many have found workarounds and continue to buy and trade a variety of tokens.

After a terrible weekend, Bitcoin’s price continued to plummet on Monday, down more than 50% from its peak of $69,000 in November 2021 and approaching the $30,000 barrier. The drop is happening in parallel with the depegging of algorithmic stablecoin terraUSD.

A stablecoin is a digital currency that is tied to a more stable reserve asset, such as the US dollar or gold, and is aimed to reduce volatility while providing digital currency benefits, such as quick transactions.

An algorithmic stablecoin is one that uses algorithms rather than actual currency in a reserve to maintain a price similar to that of a central bank. UST is formed by “burning” Luna with smart contracts, which are pieces of code entered into a blockchain that execute choices automatically.

On Monday, Terraform Labs, the company behind UST, Luna, and Luna Foundation Guard, emptied its treasury wallet of all of its bitcoin, totaling 42,530 bitcoins ($1.3 billion). The cost of UST has dropped to around $0.95.

On the same day, the hashtag #Luna climbed into the top 10 keywords on Weibo, China’s version of Twitter, which has a monthly user base of 570 million people and is widely considered as a barometer of public opinion in the country. As of Monday evening, posts using the hashtag #Luna had received approximately 15 million views.

“The Luna Foundation Guard announced a $1.5 billion loan to revive UST, but Luna, in my opinion, has seen better days. Even if it is rescued, it may develop Parkinson’s disease and become trembling and half-alive. “After such a confidence crisis, no one would dare to get engaged,” one Weibo user with over 200,000 followers remarked.

While it’s difficult to say how many Chinese people trade cryptocurrency, according to web analytics firm SimilarWeb (h/t Wu Blockchain), China accounts for approximately 10% of web traffic to OKX, which consistently ranks first among the 15 exchanges worldwide.

cryptocurrencynews
Previous Post
Mark Cuban: ‘Crypto is going through the lull that the internet went through’
Next Post
Shiba Inu and Evergrow coin push for massive crypto adoption

Related Posts

Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
February 28, 2023 by admin
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
February 24, 2023 by admin
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
February 23, 2023 by admin
ICO Calendar
May 16, 2018
CoinLion

Exchange & portfolio management

View All ICOs
Advertisement
Advertisement
Most Read
  • How To Bring Virtual Fashion Into The Mainstream
  • Poppy Playtime NFT and the controversy latest updates
  • What is Cryptocurrency, and how does it work?
  • Metaverse Summit: The first women-led Web3 conference to take place in Paris
  • Crypto Heirloom, Apex Legends - Ultimate Guide
Latest
Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
28 February, 2023
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
24 February, 2023
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
23 February, 2023
Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Calendar
June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« Feb    
MetaWeb3
  • Write for Us
  • Terms & Conditions
  • Privacy Policy
  • Contact
  • Web3 Calendar
About

MetaWeb3.tech is an online media site that focuses on Fintech, digital assets, blockchain technology, Decentralized Finance (Defi), Decentralized Apps (DApps), Metaverse, Crypto Games and other related technologies, covering news, opinions, trends, and informative articles.

Contact Us

Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Newsletter Subscription
Connect With Us
Copyright © 2018 Cryptex. All Rights Reserved.