Because of “Corona” … Bitcoin is trading 15% higher than its real price in China
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Answer Because of “Corona” … Bitcoin is trading 15% higher than its real price in China
For the first time ever, Bitcoin is trading at a higher price on OTC exchanges in China.
China is slowly but surely recovering from the coronavirus and now the Chinese seem to be driving bitcoin purchases during this bearish period for the cryptocurrency market.
Bitcoin at a higher price in China:
reported Crypto activist Dovey Wan says that China is buying Bitcoin at above-average prices.
For the first time I saw such a large Chinese premium OTC during a technical Bitcoin bear market
This could be part of the new paradigm pic.twitter.com/5T85WL1WCJ
Read:The co-founder of “Apple” believes that blockchain technology is nothing but a bubble
DoveyWan 🪐🦖 (@DoveyWan) March 16, 2020
This rare move is a new development that may indicate that trends in the market are changing further.
On OTC trading platforms such as Huobi OTC, OKEx OTC and LocalBitcoins, Bitcoin is traded at a much higher fee than other exchanges.
For example, the average price on Huobi OTC over the past 24 hours was around 39,541 yen ($5,638), while bitcoin was around $4,725.
Could this be part of a new paradigm?
As China recovers from the Corona epidemic and the rest of the world continues to suffer, we can see a major slippage among the cryptocurrency markets.
China, at the moment, is leading the way and displaying high demands for buying cryptocurrencies.
Some speculate that this is evidence that Bitcoin has reached its bottom.
However, according to many technical analyzes, Bitcoin still indicates that the decline is still continuing.
This tells me # bitcoin I hit her floor. If there are orders to buy at a premium over OTC, the retail markets may start to see the same price action on the exchanges.
Read:In its quest for legal compliance…Binance hires a former IRS expert
– Gaƀe Higgins (@Crypto_Edge) March 16, 2020
Although this may not be the bottom of the crypto market, this development could strengthen Asia’s dominance of the crypto industry.
Read:Bitcoin Volatility Continues… Could Bitcoin Price Lose $20K Level?
More market volatility to come:
With US futures posting -5% ahead of the bell opening, this week looks like it’s going to be as volatile as the last.
Last week, the market flipped from an all-time high to a downtrend in just 16 days
It is a new record.
Thursday’s -50% drop for most of the cryptocurrency market has the potential to permanently scare many investors, especially institutions.
Although some assert that this is a good time to buy, this week we could see numbers down from what was last seen.
Read also:
The Chinese government injects $4.7 million into a commercial blockchain platform developed by the central bank
Ex-Chinese central bank chief: Coronavirus outbreak could speed up digital currency issuance in China
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