China’s Crypto Affinity Drops As LocalBitcoin Volume Drops To 2-Year Lows

2020-1-29 20:38

China’s BTC trading volumes have hit an all-time low in two years with the peer to peer (p2p) exchanges on LocalBitcoin. As of the week of Jan. 25th the trading volumes stagnated at a mere 4.5 million Yuan ($640000).

This recorded a 90% downturn in trading volumes from a weekly average of 45 million Yuan ($6.4 million) they previously achieved. In Jan. 2018 the Bitcoin trading volumes soared at an all-time high of a reported 168.6 million Yuan ($24.3 million).

Although it’s not clear what specifically could have led to the gradual fall in the trading volumes, there are various factors that could have acted as catalysts.

Blockchain not Bitcoin Approach

In recent times China has urged its residents to adopt a Blockchain not Bitcoin approach. Just barely 3 months ago, on Oct 2019, China’s President, Xi Jinping was keen to encourage the country to hasten the uptake of Blockchain Tech.

China has observed over 700 new Blockchain firms founded just in January 2020, with over 26,089 of such companies being operational currently. If the average monthly rate of founded Blockchain firms remains the same as in January, China would see 8,565 new Blockchain-related companies this year

The Chinese state run media was quick to iterate Beijing’s lenient position on Blockchain Tech wasn’t an endorsement on various cryptocurrencies such as the BTC. Notably seen when China banned ICOs in 2017 and recently shut down close to 173 crypto exchanges.

However late last year authorities in China allegedly claimed that Bitcoin mining wouldn’t be considered illegal in the country.

This is as China’s central bank, the People’s Bank of China has made strides in the quest towards coming up with its own Central Bank digital currency with reports claiming they completed first tests already.

More Pressing Concerns

While Longhash reported a new low on Baidu, china’s search engine, of Bitcoin related searches. Data from both search engines and social media have been key indicators of price movement.

However with China dealing with a viral outbreak (Coronavirus), showing that they are currently facing more pressing issues and with the beginning of the Lunar year, majority of the enthusiasts might have opted for more family time.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Open Trading Network (OTN) на Currencies.ru

$ 0.0064948 (+0.67%)
Объем 24H $0
Изменеия 24h: 1.44 %, 7d: 12.76 %
Cегодня L: $0.0064948 - H: $0.0064948
Капитализация $13.149k Rank 2181
Цена в час новости $ 0.0221493 (-70.68%)

china trading volumes peer drops localbitcoin exchanges

Источник: bitcoinexchangeguide.com

china trading → Результатов: 126


China to launch its first regulated NFT marketplace, China Digital Asset Trading Platform, on January 1

China will launch a regulated platform for trading Non-fungible trading tokens (NFTs) known as China Digital Asset Trading Platform on January 1, 2023, according to local media outlet Sina News. The post China to launch its first regulated NFT marketplace, China Digital Asset Trading Platform, on January 1 appeared first on CryptoSlate.

2022-12-30 08:00


Фото:

Chinese Regulators Question 8 Crypto Companies in Shenzhen

Authorities in Shenzhen have started pressuring crypto businesses operating in China’s tech capital. Eight companies, two suspected operators of trading platforms, and six entities allegedly associated with coin offerings, have been placed under inquiry, Chinese media revealed, with authorities reportedly questioning their representatives at a meeting hosted by Shenzhen Financial Regulatory Bureau.

2019-12-21 23:00


Фото:

China Targets OTC Trading Channels as Crypto Clampdown Rages On

The Chinese government is taking its regulatory hammering one step further by closing down unofficial Weibo channels that facilitate OTC trading between retail investors. According to Bloomberg, many Chinese investors held their money on exchanges such as Binance, OKEx, and Bitsoda and stand to potentially lose their holdings depending on regulation, November 27, 2019.

2019-11-28 14:00


Центробанк Китая: закрытие нескольких десятков криптовалютных бирж не отразилось на гражданах

В течение 2019 года власти КНР прекратили деятельность 173 платформ, торгующих криптовалютами и токенами, однако это не сказалось отрицательно на гражданах страны. Об этом свидетельствует отчет «О финансовой стабильности Китая», опубликованный Народным банком.

2019-11-26 11:20


Фото:

China Shuts Down 173 Cryptocurrency Exchanges and Token-Issuing Platforms

China has reportedly shut down all cryptocurrency exchanges operating within the country, according to a Twitter update from Chinese blockchain outlet CnLedger. CnLedger quoted the People’s Bank of China (PBoC) Financial Stability Report (2019), stating that “the 173 Chinese virtual-currency trading and token issuing platforms have all exited without risk.

2019-11-25 16:06


Crypto Trading Enthusiasm Returns in China, Prompting More Scrutiny from Country’s Regulators

The Central Bank in China seems set for another round of crypto crackdowns after President Xi’s latest remarks revived speculation on blockchain technology. Financial regulators in each Shanghai District are required to search and conduct an inspection of all suspected crypto companies and exchanges by 22nd November. A notice issued by the Shanghai Internet Finance […]

2019-11-16 20:16


Binance Is Surpassing Huobi Exchange Volume in China: New TokenAnalyst Report

One of the most popular and well-known cryptocurrency exchanges is Binance, and they’ve remained highly active this year with their volume and work on the expansion. The exchange, based in Malta, has been looking into potentially trading on other trading markets, coinciding with the efforts of the exchange to create a solid place in the […]

2019-11-9 23:24


Фото:

More Chinese Bitcoin Miners Flock to Sichuan as Demand Soars

Despite the long-standing ban on Bitcoin trading, China continues to be a breeding ground for cryptocurrency mining operations — statistically speaking. As BeInCrypto has previously covered, Chinese Bitcoin miners dominate an estimated 65 percent of the total network hashrate — with others, including the United States and Russia, lagging far behind with roughly five percent […] The post More Chinese Bitcoin Miners Flock to Sichuan as Demand Soars appeared first on BeInCrypto.

2019-11-1 21:29


China Merchant Bank invests in Bitcoin wallet after passage of ‘cryptographic’ law

China had prohibited financial firms from holding or trading in Bitcoin back in December 2013, going on to later ban any foreign crypto-exchange that offered such services. However, the latest announcement by the Chinese President Xi Jinping on blockchain technology, followed by the passage of the cryptographic law, has made everyone optimistic that maybe China […] The post China Merchant Bank invests in Bitcoin wallet after passage of ‘cryptographic’ law appeared first on AMBCrypto.

2019-10-28 12:28


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

LocalBitcoins прекращает работу

Сервис P2P-торговли биткоинами LocalBitcoins закрывается после десяти лет работы: Платформа предлагала пользователям возможность покупки и продажи биткоинов напрямую с другими пользователями, лично или онлайн.

Argentines Drawn to Bitcoin as Inflation Skyrockets

Argentines are turning to bitcoin to battle an ever-increasing inflation rate. In April, inflation touched 58%, its biggest jump in 30 years. The post Argentines Drawn to Bitcoin as Inflation Skyrockets appeared first on BeInCrypto.

Налоговая служба Колумбии ужесточает контроль за криптовалютами

Управление национальных налогов и таможни Колумбии (DIAN) планирует выявлять налогоплательщиков, которые используют криптовалюты, но не считают нужным сообщать об этом властям, либо предоставляют неверные сведения.

Приложение LocalBitcoins стало доступно на устройствах Android

Платформа LocalBitcoins пользуется особой популярностью среди держателей биткоина, проживающих в Африке и Латинской Америке. На этой неделе стало известно о запуске мобильного приложения для устройств на базе операционной системы Android.

Цена биткоина подскочила к $100 000 в Турции на фоне обвала курса лиры

Цена биткоина на пиринговом рынке в Турции существенно превысила среднерыночную на фоне обвала курса национальной фиатной валюты. По данным площадки LocalBitcoins, минимальное предложение сейчас составляет больше $60 000 при среднерыночном курсе около $57 400.