PBOC to ‘Continue Focus’ on Exchanges as Volumes Plummet
Bitcoin’s price dropped slightly after the People’s Bank of China (PBOC) published a summary of its findings after inspecting major Chinese exchanges. PBoC: ‘Continued Focus’ on Exchange Activities. “According to the initial inspection and the problems found, the inspection group decided to continue to focus on payment and settlement, anti-money laundering, foreign exchange management, information and financial security and other aspects of further inspection,” the translated statement reads. Investigators suggested that investors should pay attention to Bitcoin platform transactions, such....
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Cryptocurrency trading volumes across exchanges in India have plunged after the country’s 1% tax deducted at source (TDS) went into effect at the beginning of the month. Some major crypto exchanges saw volumes dropping by about 80%.
Crypto Trading Volumes Fall Across India
The trading volumes across crypto exchanges in India have fallen sharply after the new TDS (tax deducted at source) went into effect on July 1.
Trading volumes on major Indian crypto exchanges Wazirx, Coindcx, Zebpay, and Bitbns plunged about 83%, 70%, 76%, and over 18%, respectively, from....
Following findings of “irregularities” in the business and operational processes of the big bitcoin exchanges in the country, China’s central bank (PBOC) has now announced that its on-site inspections of the “Big 3” bitcoin exchanges is set to continue. In a statement today, the Beijing branch of the People’s Bank of China has stated its intention to continue on-site inspections of bitcoin exchanges will continue after the findings of preliminary inspections that took place a week ago. At the time, the PBOC Beijing had announced that OKCoin and Huobi, two Beijing-based bitcoin exchanges....
In the end, it is unclear if any exchange uses trading bots to prop up the volume. Rumors are circulating regarding BTCC’s Bitcoin trading volume. For the longest time, people suspected the exchange of faking volumes through the usage of bots. It appears that situation is still going on, according to some Reddit users. If that is the case, it seems to be only a matter of time until the PBOC cracks down on this activity. For the time being, the usage of trading bots has not been confirmed by the exchange. Chinese Bitcoin exchanges have not seen a dip in trading volume since the PBOC....
Bitcoin accumulation patterns continue to point to the fact that the recent rally might not be ending anytime soon. Investors have continued to hoard assets as the volume of bitcoins sent to exchanges to be sold off or traded falls below the accumulation rate. Outflows from exchanges have continued to exceed inflows into exchanges. Signaling accumulation patterns rather than sell patterns. Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle Wednesday saw the price of bitcoin dropping below $38,000 to be trading in the $37,000 range. Inflows of 11.3K BTC to....
Caixin is a respected Chinese financial news source. Bitcoin prices have dropped nearly 10% across all Bitcoin exchanges, with the bulk of the action understandably located on Chinese Bitcoin Exchanges. A few hours ago, Caixin published a Chinese article claiming that the PBOC has met with commercial banks and third party payment processors, in particular those that do, or have done, business with Chinese Bitcoin Exchanges to remind them of the PBOC's stance. This Caixin article is written by a different author than the last Caixin article that was commented on in Western media (which....