After the massive price surge of the number one cryptocurrency Bitcoin (BTC), the Chinese traders gladly returned to trading. According to the latest Bitcoin news, not only did they returned, they even paid a premium for doing so.
According to the social-media based cnLedger reports from two days ago, there has been a huge percent of common practice increasing among the Chinese traders who are willing to purchase Bitcoin. The price spreads from the largest crypto exchange such as OKEx and Huobi show the same data analysis.
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After the ban in China for crypto trading in 2017 was placed, the investors were left with very few options. Buying stablecoins such as the controversial tether (USDT) via over-the-counter (OTC) services was one method. They also used to convert the cryptocurrencies later which became the initial method for using cryptocurrencies according to cnLedger.
With the bullish trend revolving around Bitcoin over the past week, the cryptocurrency saw a price increase against the US dollar by over $1,000. The prices for the OTC services also increased which consequently increased the demand as well. The tweet summarized:
“Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.”
This sentiment among the Chinese investors shows a divergence between the ongoing crackdowns on crypto-related activities in the country. As previously reported, these activities have thrown some shade over the active propaganda in the country with associated instruments such as the initial coin offerings which are also outlawed.
On the other hand, the Chinese authorities are still continuously advocating for the development of blockchain technology for both the private and state sector. Only a week ago, Bejing approved nearly 200 companies to register new blockchain service providers.
As it is known from before, China is one of the countries with the most blockchain-related project under construction than any other country in the world and also has the largest number of blockchain patents.
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