Daily Volume in Bitcoin-Yuan Pair Best in 6 Months
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....
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Many times, our readers ask why we use technical analysis for a volatile asset such as Bitcoin. There have been several instances when my price predictions based on technical analysis have gone horribly wrong. But I must admit that it is not exactly a cakewalk to anticipate the future price movements of a security which is yet to be tagged as ‘stable.’ In this article, I will discuss all the factors that deeply affect the action in Bitcoin markets, and why trading with technicals is a tough job for price analysts. China Drives the Bitcoin Market – In March 2015, Goldman Sachs revealed in a....
The majority of market participants are still uncertain that the decline is over. In last Wednesday's Bitcoin Price analysis update it was speculated that Bitcoin may be in its fifth month of advance. Additional evidence of an ongoing advance is discussed below. Daily Bitcoin Price Chart. BTC/CNY Volume. Firstly, looking at the Exchange Volume by Currency diagram (courtesy Bitcoincharts.com) it is evident that the bulk of combined exchange orders are transacted in Chinese Yuan. This is significant because, as circled on the daily BTC-China chart (below); a 2014 record daily volume of buy....
BTC China has reinstated trading fees in an attempt to combat market manipulation. BTC China has, after 3 successful months, has decided to resume trading fees. For a few weeks now, because of 0% trading fees, BTC China has consistently been the highest volume BTC exchange. Trading fees will be 0.3%, the announcement reads: Dear BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden....
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....
Most of the Bitcoin trading volume is changing hands across Chinese bitcoin exchanges. Therefore, Chinese exchanges are feeling pressure to come up with new and innovative features to preserve their dominance and expand bitcoin adoption. OKCoin, one of China’s leading bitcoin exchanges, is attempting to do exactly that. There are a few things all Chinese bitcoin exchanges have in common. For starters, all of these platforms are exchanging bitcoin against the Chinese Yuan (CNY). Furthermore, major Chinese bitcoin exchanges such as OKCoin, BTC China, and Huobi all offer 0% spot fees on the....