Repression in China: Bitcoin is alive, long live Bitcoin!
A few weeks after China banned ICO and some cryptocurrency exchanges the situation isn’t so hopeless, as everyone expected. Many local traders say that the digital currency market is far from to be dead.
Img. source: pixabay.com
While several Chinese exchanges announced that they would cease operations by the end of September, traders started trading Bitcoin and Altcoins using peer-to-peer trading platforms and messengers. Insiders in this area say that the tokens of some overseas ICO are still sold in China.
Despite the fact that repression has scared off most of less experienced investors from trading cryptocurrencies, more experienced market participants believe that Chinese regulators will eventually face the big problem of controlling the sphere, which is associated with high anonymity.
In the short term the situation also led to the fact that Bitcoin’s rate in China was lower compared to the price of the coin on foreign exchanges.
After the initial drop Bitcoin’s price rebounded on the Huobi, where it now trades at around $ 3,835. For comparison, Bitcoin’s exchange rate on Bitfinex is $ 4,296.
According to the Coindance website, on the LocalBitcoins Bitcoin’s trade volumes in China doubled between September 16 and 23. The daily turnover from September 23 to September 29 reached a record level of 115 million yuan.
The volumes on Paxful also rose to 1.7 million yuan during the current week after 351,000 yuan a week earlier.