China Backed Publication: Terra LUNA Crash Vindicates Country's Ban on Crypto-Related Activities – Featured Bitcoin News

China Backed Publication: Terra LUNA Crash Vindicates Country's Ban on Crypto-Related Activities

An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain’s LUNA and the de-pegging of the UST stablecoin vindicate the Asian country’s decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the buying and selling of crypto assets by several investment giants as the causes of the recent market crash.

While some crypto experts have placed the blame for the token’s crash on the actions of the project’s leader, Do Kwon, in the, the Chinese author appears to attribute the token’s fall mainly to the raising of interest rates by the U.S. Federal Reserve. Explaining how the rate rise caused the token to plummet, the author wrote:

Since the beginning of this year, the Federal Reserve has launched an interest rate hike cycle, and global liquidity has tightened. Especially in early May, the Federal Reserve raised interest rates by 50 basis points at a time, which had a negative impact on capital and market sentiment, and virtual currencies were the first to bear the brunt.

However soon it can cost more usdt, who knows

So the Dems can keep borrowing trillions of dollars from China. Forget students loans, your grandkids will have all that to pay back!!!🤬🐂💩😎🇺🇸

Since they banned crypto China is in recession.

luna has made a mess of the market, and investors will soon be looking for other projects like BitDAO that actually have potential in growing in the future

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The actual question that needs to be answered is: who suddenly sold 500m UST and which led to Luna and UST drop?

Is this bad?

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i lost all my savings on luna ... some good soul to help me. God bless you... 1LCjxswfHz5YxuD3HaCUHnydGrAiCPehki

ust is no longer salvageable, anyone who is worried about the safety of their assets has long since converted to usdt

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