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China state paper slams crypto, LUNA crash; applauds crypto ban

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Chinese state-backed publication Economic Daily cited LUNA and UST’s crash to state cryptocurrencies “once again, proved its own risks and that it is a bubble” amid the Federal Reserve’s rate hike.

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Fast facts

  • The commentary piece praised Beijing’s crypto ban as “decisive, powerful and timely,” and such measures prevent cryptocurrency risks spilling into China’s economy.
  • Chinese investors are still paying close attention to cryptocurrency market activities as Luna and Bitcoin were ranked as the ninth and 12th hottest search terms on social media platform Weibo during LUNA’s crash.
  • China banned crypto trading and mining last September, leading to China-based exchanges and miners fleeing overseas.

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