Bitcoin Trading in Chinese Yuan Drops to One-Third of Market in 30 Days

pooya87

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Quote from: Myon_Network on February 24, 2017, 05:30:38 PM

Additionally the Bitcoin volume is shifting to the western world away from China basically having the monopoly on Bitcoin,
this makes the price less dependent on what the PBoC does next.

you bumped an old topic to say this!!
the volume first dropped because of the removal of zero fees, removal of other trading services and also the PBoC's investigation.
then it dropped more recently because these top Chinese exchanges disabled withdrawals for the time being.

the Volume of China has never dropped though. the fake volume went away but the Chinese are still trading bitcoin whether it is on western exchanges or it is p2p they are doing it.

bryant.coleman

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If the Chinese exchanges are ending their policy of zero trading fees, then it is a move in the right direction. The zero-trading fees was causing a rise in the speculation and manipulation, and ordinary users were at the receiving end. Derivative and margin trading is never beneficial for the ordinary users. Only the big fish benefit out of it.

Myon_Network

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Additionally the Bitcoin volume is shifting to the western world away from China basically having the monopoly on Bitcoin,
this makes the price less dependent on what the PBoC does next.

odolvlobo

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Quote from: Mometaskers on February 12, 2017, 01:02:09 PM

So it is true then that these exchanges are faking their volumes. I see this as a welcome change. Hopefully with all those fake volume gone, the backlog would be reduced and transaction fees would go down.

1. That does not show that the volumes were faked. It is no surprise that trading volume dropped when trading was no longer free.
2. Since exchange trading is not done through the block chain, a drop in volume will have little effect on transaction backlog or transaction fees.

KyriosCluster

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Quote from: Mometaskers on February 12, 2017, 01:02:09 PM

So it is true then that these exchanges are faking their volumes. I see this as a welcome change. Hopefully with all those fake volume gone, the backlog would be reduced and transaction fees would go down.

why do you think transaction fees will go down?

Mometaskers

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So it is true then that these exchanges are faking their volumes. I see this as a welcome change. Hopefully with all those fake volume gone, the backlog would be reduced and transaction fees would go down.

HabBear

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Quote from: JustinOConnell on February 08, 2017, 06:23:37 AM

Doesn't seem btc price cares..

The BTC price wouldn't be effected by people choosing to sell their bitcoin for a currency other than Yuan...or on another exchange. The volume of bitcoin buying and selling activity didn't go down, the volume just stopped (except for 33%) trading on these three Chinese exchanges.

This is great news!

Bitcoin traders won't be corralled by price collusion! The global spread of this currency can't be meddled with by a regional attack (in this case the coordinated attempt to raise fees.)

X-ray

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Quote from: JustinOConnell on February 08, 2017, 06:23:37 AM

Doesn't seem btc price cares..

https://news.bitcoin.com/china-bitcoin-volume-2017/

China’s big three exchanges announced they would end zero fee trades and margin trading Tuesday due to increased scrutiny by the People’s Bank of China (PBOC), leading to a collapse in Chinese bitcoin trading volumes. The changes come on the heels of Beijing’s implementation of new capital controls in 2016.

In late January, China’s big three bitcoin exchanges – BTCC, OKCoin, and Huobi – agreed informally to charge 0.2% fees on both sides of bitcoin-denominated trades. Since the announcement of the fees, to be implemented Tuesday, China’s bitcoin volumes have collapsed. Once comprising 99% of bitcoin trades, the market share has collapsed to 33% in one month, according to Bitcoin data website Bitcoinity, compiled by Chris Burniske of Ark Invest.

After PBOC has done an audit to the chinese exchange site and a lot of the fake volume has made by the chinese exchange is disappearing right now. But the current news PBOC already meet with more chinese exchange site.

JustinOConnell

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Doesn't seem btc price cares..

https://news.bitcoin.com/china-bitcoin-volume-2017/

China’s big three exchanges announced they would end zero fee trades and margin trading Tuesday due to increased scrutiny by the People’s Bank of China (PBOC), leading to a collapse in Chinese bitcoin trading volumes. The changes come on the heels of Beijing’s implementation of new capital controls in 2016.

In late January, China’s big three bitcoin exchanges – BTCC, OKCoin, and Huobi – agreed informally to charge 0.2% fees on both sides of bitcoin-denominated trades. Since the announcement of the fees, to be implemented Tuesday, China’s bitcoin volumes have collapsed. Once comprising 99% of bitcoin trades, the market share has collapsed to 33% in one month, according to Bitcoin data website Bitcoinity, compiled by Chris Burniske of Ark Invest.

Topic: Bitcoin Trading in Chinese Yuan Drops to One-Third of Market in 30 Days (Read 614 times)