Yuan Trades Now Make Up Over 70% of Bitcoin Volume
The majority of bitcoin transactions carried out over the last 30 days came from yuan trades, it has been revealed. China-based exchange BTC China tweeted that a total of 71% of bitcoin trades last month could be attributed to yuan users - the Chinese market, in other words. Did you know 71% of #Bitcoin trades in past 30 days occurred in the #CNY market? Chart via bitcoinity http://t.co/MY3zwvX44D. - BTC China (@btcchina) September 5, 2014. The exchange cited data from bitcointy, which indicates that the majority of transactions were carried out in yuan. Second place goes to the US dollar,....
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China's position as the most active bitcoin trading market has come to attention again as Beijing exchange OKCoin topped daily dollar trades for the first time earlier this week. This comes weeks after Shanghai exchange BTC China highlighted that yuan trades comprised more than 70% of trading volume. As Chinese exchanges jostle for the top spot in global trading volumes, yuan trading is now three times greater than dollar trades. Analysts and exchange operators say China's dominance in bitcoin trading is largely due to macro factors like China's investment environment, but caution that....
Yes, you read that right! The daily volume in the Bitcoin-yuan pair on the leading Chinese Bitcoin exchange BTCC has soared to more than double what the volume was in the past 6 months. During this period, the price of the pair first reached a stratospheric valuation of 3,340 and then immediately tanked to 1,810. The volume in the subsequent recovery has been strong, as well. The level has quickly recovered to 2,609, and the bulls look formidable. Image. Take a look at the daily BTC-CNY price chart above. For the period spanning mid-May to early November, neither the rallies nor the....
Another day, another bit of unusual trading activity on a Bitcoin exchange. As the Bitcoin price began to drop around 1 AM EST last night, at least one trading bot on BTC-e began to make some interesting trades. It seems that the trading bot has been caught in an endless loop, as it continues to either trade back and forth with itself or with other bots on the exchange. The unfortunate trading activity was first pointed out by Reddit user /u/nobodybelievesyou on /r/BitcoinMarkets. The details behind the bot or bots associated with this increase in trading volume are unknown at this time,....
Rectifying this situation will not be an easy feat either. Further devaluing the Yuan seems the only plausible scenario, although it is impossible to predict the outcome. The recent Bitcoin price surge is mostly driven by Chinese traders. Increasing fear of capital outflows and the ongoing Yuan devaluation make Bitcoin a viable alternative investment opportunity. It is evident the Chinese government is running out of ideas to stabilize the economy. In fact, it appears the Yuan will continue to slide down a slippery slope. To be more precise, it seems the increasing Bitcoin demand hints at....
CoinDesk has created a new Bitcoin Price Index (BPI) based on the price and volume of bitcoins exchanged for Chinese yuan (CNY). The new Chinese yuan BPI is separate from the existing and widely referenced CoinDesk USD index, which CoinDesk will continue to maintain. The USD index and CNY index will complement each other by providing the most trusted bitcoin price in the two most commonly exchanged national currencies. Bitcoin's wild ride in China. The rise of bitcoin in China was a one of the big stories and catalysts in the latter half of 2013. Near the end of last year, CNY trading....