Despite Fall in Volume, Traders Stick with China's Bitcoin Exchanges
Despite the fact that major Chinese exchanges have seen their bitcoin volumes take a hit after introducing trading fees, these bourses still stand out as some of the top marketplaces when ranked by volume, according to market data. OKCoin, BTCC and Huobi experienced significant declines in trading volume after they began charging fees, beginning on 24th January. The decision to charge these fees built upon their earlier move to eliminate margin trading – two developments which thus far have had a clear impact on the market. The shift came amid scrutiny from Chinese regulators, including....
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The world’s largest bitcoin market saw a steep fall in trading volumes on the day in which exchanges began charging trading fees at a flat 0.2 percent from midday (Beijing time). In a 1-hour trading period after bitcoin exchanges introduced trading fees, trading volume at BTC China fell over 80%. Huobi and OkCoin, the two other exchanges that were investigated and saw discussions held with the People’s Bank of China saw declines of over 90 percent and 80 percent respectively. The drop in trading volume can be attributed to the lack of automated bitcoin trading, previously making up for a....
Bitcoin trading volume is shifting to new exchanges, data shows. Following the decision by major China-based exchanges to end the practice of no-fee trading (at the request of the country's central bank), their lesser-known competitors have begun to claim the top spots in terms of transaction activity. In the aftermath of the big exchanges adding trading fees – BTC100 and CHBTC – two China-based marketplaces, have climbed to the number one and number two spots in trading volume, according to CoinMarketCap figures and the companies' websites. BTC100, which came out on top, enjoyed more than....
Markets have factored in the fee imposition by Chinese exchanges so we are entering a period of Bitcoin price stability. Chinese exchanges started levying a fee for investors and traders starting Jan. 24, 2017. This followed the decision of the People’s Bank of China to conduct on-site inspections. The decision of the Chinese exchanges to impose fees was clearly a move to stay in business and compliant with the demands of the central bank. While these exchanges may now be on the ‘right side of the law’ in China, the long-term effects of this move will be felt for some time to come. Trading....
Today, China's exchanges report 98% of global volume, a figure that would suggest a huge dominance by its markets. Unfortunately, we know that most of this volume is fake. Unlike the rest of the world, China-based exchanges are unique in that they do not charge fees on bitcoin trades. Instead they make money via withdrawal charges out of the exchange. Further, these fees reduce as your trading volume increases, so this incentivizes traders to bolster this figure by buying and selling from themselves at zero cost. Still, there's a ocean of data coming from the markets, and they hold hidden....
Several bitcoin exchanges in China have - as of today - halted trading fees in what could be called an epic battle for bitcoin volume. The exchanges include the ever-so-popular BTC China, OkCoin, BTCKan, and BtcTrade. It's all the more reason for the Chinese to get involved with the market - especially since developing an account-funding workaround by offering cash-for-vouchers (BTC China) in light of recently events that have money transmitters in China staying far, far away from bitcoin exchanges. Will it be the start of a new bubble? It's unclear, but we're in for an exciting ride in....