Following the PBOC Exchange Shakeup China’s Localbitcoins Volume Surges
Things are changing in China as far as Bitcoin exchanges are concerned. Over the course of the past few weeks, China’s central bank has been inspecting and regulating the country’s top cryptocurrency exchanges. The event has caused a significant shift in Chinese Bitcoin trading causing Localbitcoins volumes to grow exponentially while exchanges in China....
Related News
Just last weekend, LocalBitcoins set its weekly record trading volume. Across disparate regions, there seems to be a unifying trend: volume is increasing on LocalBitcoins. But this has left some wondering: how much of this trading volume is due to fraud? Most of the transactions done on LocalBitcoins are not done via peer-to-peer cash transactions, but instead on transactions based around intermediary financial institutions. Does this mean that more and more people are dealing in bitcoins by depositing money in other individuals accounts? Nonetheless, it appears on LocalBitcoins, at least,....
Localbitcoins saw a roughly 85 percent increase in global volume over the course of 2016, and the growth seen by this bitcoin trading platform was seen equally in both the developed and developing world—albeit for different reasons. While the need for increased privacy and the avoidance of Know Your Customer regulations is known to be the driving force....
For those interested in tracking the progress of bitcoin as a true form of money, an interesting data point to watch is the global Localbitcoins volume. There are a variety of different metrics people use to track the adoption of Bitcoin. Some simply track the bitcoin price in terms of US dollars, while others prefer to watch the number of on-blockchain....
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....
As one of China’s “big three” bitcoin exchanges, Huobi (huobi.com) has been responsible for processing a significant chunk of trading volume, particularly as of late. With over 90% of BTC trading conducted with Chinese Yuan (CNY), the Beijing-based exchange is undoubtedly an important player in the Bitcoin economy. Bitcoin.com spoke with Huobi CEO, Leon....