In the recent weeks, the best cryptocurrency news sites have been reporting about the interest towards Bitcoin (BTC) on Baidu, which is the most widely used search engine in China. As the news reported, the Tether volume was what triggered the interest in BTC and what potentially indicated an increase in the demand for the asset by retail investors.
The coming altcoin news show that the Tether volume indicated a rise in interest towards the dominant cryptocurrency. Knowing that in China it is not illegal to own or store Bitcoin (as said by the new Bank of China Law Research Association council Sa Xiao).
A recognized news site based in China reported in the latest cryptocurrency news:
“It is legal to own bitcoins in China’ says Sa Xiao, Council Member at Bank of China Law Research Association, cited by The Beijing News. Besides, Xiao considers the occasional exchange of bitcoins between individuals and individuals is legal.”
Even though trading Bitcoin and other crypto exchanges is prohibited in the country, local reports have suggested that the over-the-counter (OTC) market using Tether has driven a new increase. The Tether volume indicates a lot of things – confirmed by analysts at the best altcoin news sites.
One of them is Alex Kruger, who is a global markets analyst and a strategist who said that the increase in the price of Bitcoin and the fallout of trade talks is simply coincidental. He said:
“There’s been a lot of talk about how China has been the driver behind Bitcoin’s move up since the first week of May. So I decided to look into bitcoin Baidu trends (China’s Google). China’s bitcoin popularity has definitively been on the rise.
Interest in BTC only coincided with the Trade War and Yuan since the 6K breakout. The Trade War was long underway by then, with various peak interest prior episodes. It’s possible the BTC – Trade War narrative was driven by media and resulted in a self-fulfilling prophecy.”
Earlier this week, Diar (an institutional publication and curated data platform focusing on the crypto market), reported that on-chain transactions on the Tether blockchain protocol spiked in China in the second quarter of 2019. The report confirmed the Tether volume rumor, showing that from April to June, China accounted for 62% of the transactions at the Tether blockchain.
“On-chain data shows Tether movements hitting a new all-time-high for 2Q19 with one month left on the calendar for the period. What is most striking, however, is the volume coming in and out of Chinese exchanges dwarfs western and global trading venues and accounts for more than half of the total transaction value of known parties,” the Diar report read.
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