Bitcoin-Yuan is traded 8 out of 10 times on Bitcoin exchanges globally
A recent report released by the world's leading investment bank Goldman Sachs has revealed that the currency pair Bitcoin-Yuan comprises of 80% of the global trading volume on the Bitcoin exchanges. The report titled, "The Future of Finance: Redefining The Way We Pay in the Next Decade," was written by payments analysts at the bank's research division, James Schneider and SK Prasad Borra. The second highest traded currency pair is BTC/USD. However, the report failed to touch upon the fact that Chinese exchanges often don't charge any fee for trading, leading to a spurt in trading....
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Chinese Bitcoin traders have inundated LocalBitcoins to convert their Yuan after major Chinese exchanges halted withdrawals last week. Following warnings about adhering to strict AML/KYC regulations by the People’s Bank of China, exchanges such as BTCC, Huobi and Okcoin stopped letting customers withdraw Bitcoin. “From now on, Huobi stops the withdrawal for Bitcoin and litecoin,” Huobi’s latest announcement stated Feb. 9. It is unknown when full functionality will return and under what rules. As a result, former Chinese customers appear to be using LocalBitcoins as a way of continuing to....
The trading vacuum created by the stringent measures and close scrutiny by the People Bank of China’s (PBoC) upon the country’s bitcoin exchanges has led to traders flocking to alternative platforms. According to Coin.Dance, bitcoin trading volumes on prominent peer-to-peer (P2P) exchange platform LocalBitcoins reached an all-time high during the past week. The same week that saw two of the biggest Chinese bitcoin exchanges., OkCoin and Huobi, freeze withdrawals for up to a month. Other smaller exchanges have since followed, with the likes ofYunbi, BTC100 and BTCTrade strengthening....
If there was anyone left on this planet who thought there was nothing going on with the Chinese economy you might want to rethink that statement very soon. Over the past few months, the Chinese Yuan has been losing value, and things have taken a turn for the worse now that China suspended some foreign banks from FX trading. Capital outflows for the Chinese Yuan are getting out of hand, as investors are looking for a different safe haven. A country’s central bank does not often suspend [some] foreign exchange businesses of other foreign banks for an extended period of time. Every bank in....
Bitcoin price diverged between exchanges today as a surprise yuan devaluation shifted buying pressure to the BTC/CNY exchange charts. The yuan is responsible for the greater bulk of bitcoin trade and showed its influence in the chart today. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 15h22 UTC. BTC-China vs Bitstamp 1-Hour Charts. From the analysis pages of xbt.social, earlier today: The surprise devaluation of the yuan, today, had....
The Digital Yuan is imminent. The time for Central Bank Digital Currencies is near us. Sooner than later, CBDCs will be the norm. And the Digital Yuan will break ground. Here’s what this means for Bitcoin and why the two assets are directly opposed. The Petro And The Digital Yuan Easily monitored programmable money opens […]