China’s internet users are paying close attention to the crypto crash

While China has banned cryptocurrency trading, its people remain interested in the ups and downs of the crypto market, not least because many of them have found workarounds and continue to buy and sell all sorts of tokens.
Bitcoin’s price continued to crater on Monday after a rough weekend, down more than 50% from its peak of $69,000 in November 2021 and nearing the $30,000 mark. As my colleague Jacquelyn wrote, the crash is happening in tandem with the depegging of algorithmic stablecoin terraUSD (UST).
A stablecoin is a digital currency that is pegged to a more stable reserve asset like the

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