Although the crypto market has been in a bearish state for the last couple of months, it’s hard to say that Chinese traders, or even traders from Asia, have significantly reduced their influence on the market. According to an anonymous source from China, he said: “Even if the government banned ICOs and exchanges, people will still trade crypto, and they’ll just use other ways to do it. If you think crypto is bad now, wait till the government puts a ban on it. That’s when the real fun begins…”
China’s ongoing cryptocurrency clampdown has led to a decline in domestic cryptocurrency trading, with Chinese exchanges hit particularly hard. But that doesn’t mean Chinese traders are stepping away from the crypto market altogether. In fact, based on new data from a major exchange, Chinese traders are still a major influence in the digital token market, even though their influence has diminished.
The crypto market went through a huge shift in 2018 due to the rise in popularity of a new trend, crypto trading bots. According to experts, China’s crypto market had a major hand in introducing crypto trading bots to the US. The Chinese crypto market still holds a major influence on the crypto market.. Read more about cryptocurrency to invest in 2021 and let us know what you think.
Chinese traders continue to make a big impact on the cryptocurrency market, despite all the serious challenges they face in operating. This is the view of several experts in the field who have commented on how China’s recent and proposed ban will actually affect the way Chinese packers doing business in Asian and global markets trade.
Chinesetraders remain important in themarket
Chinese traders continue to have a big impact on the movements of crypto-currency markets, despite all the challenges they face, according to several experts familiar with the workings of Asian markets. Even by circumventing all government regulations, these traders manage to do business by using grey markets and other services that allow them to exchange local currency for cryptocurrencies. The news that China is imposing strict warnings on cryptocurrency trading and initial coin offerings (ICOs) is not new: China has been warning against such activities since 2017, when it banned domestic cryptocurrency exchanges. That trend now seems to have spread to the cryptocurrency mining sector, with Chinese Vice Premier Liu He saying that the country needs to crack down on bitcoin mining and trading – a statement that created some of the conditions for a big plunge in the market last week. However, according to Matthew Graham, CEO of Sino Global Capital, a local blockchain company, Chinese traders still have a strong presence in the market: The waning influence of Chinese bitcoin traders is an exaggerated story. The fact is that Chinese traders still have a huge influence. Bobby Li, founder of BTCC, one of China’s first cryptocurrency exchanges, also shares this view, Lee said: I think there are more Chinese traders now. The value of bitcoin has increased by an order of magnitude.
How does it work?
Since the imposition of strict regulations on most cryptocurrency services, an offshore space market has emerged to meet the demand for these assets. Currently, there are services that allow Chinese citizens to exchange the local currency, the yuan, for stable currencies such as USDT. With USDT, traders now have the ability to move their business to offshore exchanges that allow them to trade cryptocurrencies on crypto-currencies. As a result, the yuan is hardly used to buy cryptocurrencies, at least not officially. Bobby Lee agrees and says: They no longer have to deal with RMB transfers, they switch to the USDT payment company and exchange to and from bitcoin. It will be the underground currency. Li stresses the importance of USDT for Chinese traders as a way to trade on international exchanges. What do you think about the impact of Chinese traders on the crypto currency market? Tell us about it in the comments section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The cryptocurrency market has been in a steady decline since the beginning of the year, and many experts have been pointing to a couple of culprits that could explain why. While the Securities and Exchange Commission has been less than helpful when it comes to crypto-related regulation, some have blamed the Chinese government for the fall. While there is no longer an official ban, China has cracked down on the market, and they have cracked down hard.. Read more about is cryptocurrency legal and let us know what you think.
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