Topic: THE BITCOIN BULL CHARGES ON: CHINESE OTC PRICING BREAKS THE ￥20,000 BARRIER (Read 358 times)
May 25, 2017, 02:06:56 AM
May 25, 2017, 02:03:59 AM
“The bull market is back. Bitcoin price is rising up everyday.” That’s the recent status of Bitcoin.
In China, Bitcoin price was around ￥6,300 a month ago(April 25th). Today (May 25th), the price went up to ￥18,488. Started from May 15th, Bitcoin price has encountered 10% daily rise. On the other hand, the OTC price, take Bitkan for example, has reached ￥20,000 at 4am May 25th 2017. The first transaction over ￥20,000 had been made at ￥20,107.
According to Bitkan, because of the major Bitcoin exchange platforms have been banned from withdraw by the PBOC, a lot of Bitcoin traders have moved to OTC trading. Compare to the depression in spot market, the OTC price is rapidly rising at the same time. That is the only way for now, buying and withdrawing Bitcoin in China.
Bitkan bitcoin OTC transaction price(Up to May 25th 2017)
Source: Bitkan
About the price booming, Yang Liu(CEO of Bitkan) indicates that there are 3 major causes:
1) Effect of the WANNA CRY ransom ware: mainstream media report have drawn public attention to Bitcoin, which led a lot of people to take part in Bitcoin investment. According to Bitkan’s data, it is greeting its 10 times increase of new user monthly acquisition. New users to Bitcoin, on one hand they focus on the Bitcoin price, on the other hand, they exchange Bitcoins through Bitkan’s OTC module or hedge between global markets.
Daily new user acquisition of Bitkan(March 2017 — May 2017)
Source: Bitkan
2) Benefits from the favorable policies: the Japanese government has identified Bitcoin as currency in April, the Australian government is going to admit Bitcoin as currency in the coming July. On the other hand, demand surge in Japan and political instability in Korean is also driving the Bitcoin price to rise, especially the OTC price.
3) Segwit has been reviewed in the Consensus 2017 this week. Segwit is looking forward to be activated in this September. For recent couple years, Bitcoiners are suffering from the blockchain network congestion. There were 200,000 unconfirmed transactions on blockchain network in May this year. A lot of users couldn’t bear the inconvenience of congestion so that they turn to invest altcoins. Segwit’s being reviewed has rebuilt the confidence on Bitcoiners’ long-term investment.
In China, Bitcoin price was around ￥6,300 a month ago(April 25th). Today (May 25th), the price went up to ￥18,488. Started from May 15th, Bitcoin price has encountered 10% daily rise. On the other hand, the OTC price, take Bitkan for example, has reached ￥20,000 at 4am May 25th 2017. The first transaction over ￥20,000 had been made at ￥20,107.
According to Bitkan, because of the major Bitcoin exchange platforms have been banned from withdraw by the PBOC, a lot of Bitcoin traders have moved to OTC trading. Compare to the depression in spot market, the OTC price is rapidly rising at the same time. That is the only way for now, buying and withdrawing Bitcoin in China.
Bitkan bitcoin OTC transaction price(Up to May 25th 2017)
Source: Bitkan
About the price booming, Yang Liu(CEO of Bitkan) indicates that there are 3 major causes:
1) Effect of the WANNA CRY ransom ware: mainstream media report have drawn public attention to Bitcoin, which led a lot of people to take part in Bitcoin investment. According to Bitkan’s data, it is greeting its 10 times increase of new user monthly acquisition. New users to Bitcoin, on one hand they focus on the Bitcoin price, on the other hand, they exchange Bitcoins through Bitkan’s OTC module or hedge between global markets.
Daily new user acquisition of Bitkan(March 2017 — May 2017)
Source: Bitkan
2) Benefits from the favorable policies: the Japanese government has identified Bitcoin as currency in April, the Australian government is going to admit Bitcoin as currency in the coming July. On the other hand, demand surge in Japan and political instability in Korean is also driving the Bitcoin price to rise, especially the OTC price.
3) Segwit has been reviewed in the Consensus 2017 this week. Segwit is looking forward to be activated in this September. For recent couple years, Bitcoiners are suffering from the blockchain network congestion. There were 200,000 unconfirmed transactions on blockchain network in May this year. A lot of users couldn’t bear the inconvenience of congestion so that they turn to invest altcoins. Segwit’s being reviewed has rebuilt the confidence on Bitcoiners’ long-term investment.
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