Efforts to rescue the stablecoin precipitated LUNA’s plunge from a price of over $87 on May 4, 2022, to a current price of just under $0.0003. terra virtualcurrency bitcoin
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.
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