Despite the Crypto Ban, Luna Trading Sparks Online Discussions in China

　　The value of some of the world's most prevalent digital currencies and non-fungible tokens (NFTs) has increased the curiosity of Chinese residents, despite the fact that virtual asset trading is prohibited in the nation.

　　As a result, the luna cryptocurrency increased by more than 80% in the country on Tuesday, becoming the top searched term on the Chinese social media website Weibo on Wednesday. Furthermore, Bitcoin's price has decreased to half of its value as of November 2021, making it one of the most trending searches on the internet on the same day.

　　Thus, the strong interest demonstrated by Chinese internet users in cryptocurrencies issues demonstrates the existence of a crypto phile group in the nation, despite the official crackdown on cryptocurrencies and virtual asset service providers. Meanwhile, China was one of the most popular countries in the world for having the bulk of the world's bitcoin trading and mining volumes before the government and financial watchdogs began to restrict the cryptocurrencies to prevent future financial disputes.

　　However, the prices of the top trending digital currencies have also fallen over time as investors liquidated riskier cryptocurrencies and digital assets such as technology stocks in response to the Federal Reserve's measures to raise interest rates in order to curb financial inflation.

　　Furthermore, the world's most prominent NFTs collections, notably the Bored Ape Yacht Club (BAYC), have seen their value depreciate as the market swung. According to Price Floor and DappRadar statistics, the BAYC's average sales in US dollars plummeted by 29 percent over the last seven days, while the number of transactions and users fell by 21 percent and 27 percent, respectively. Furthermore, Cryptopunks and Moonbirds are two popular NFT projects that have seen their value plummet by more than 20 percent.

　　On Weibo on Wednesday, the hashtag “Luna” nearly reached 8 million views, with Chinese online users commenting, “witnessing history.” As a result, despite the ban on cryptocurrency trading and mining, many Chinese users are known to circumvent the restrictions.

　　Furthermore, according to SimilarWeb data, OKX is one of the world's largest digital crypto exchanges by trading value, with China accounting for 9.61 percent of its traffic. Prior to the embargo, China was the second-largest contributor to this platform, trailing only Russia with 12.18 percent of desktop traffic. Huobi, another major bitcoin exchange, reported that it only contributes about 5% of desktop traffic.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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