Through its national media, the Chinese government announced to the public the possibility of tighter regulations against the cryptocurrency sector. This, the media explained, was caused by the recent LUNA crash, which was very traumatic to its millions of token holders.
Following the crash of the LUNA algorithmic stablecoin, the Terra blockchain, and the ongoing bear market, the Chinese government informed its citizens of possibly tighter cryptocurrency regulations.
LUNA Crash Further Validates China’s Crypto Crackdown
The recent collapse of the Terra crypto project and all of its subsidiaries has left the whole world skeptical. However, it’s also important to note that all these are happening amid the enduring crypto bear market, which has caused the collapse of many cryptocurrency projects worldwide.
In addition to that, even Bitcoin (BTC), the world’s pioneering and leading blockchain, has also experienced a massive downsizing in market capitalization and token price.
In a...
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