A Fraud: Venezuela’s National Assembly Declares Petro Unconstitutional
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A Fraud: Venezuela’s National Assembly Declares Petro Unconstitutional
Venezuela’s Assemblea Nacional [National Assembly] recently declared it believes the country’s oil-backed cryptocurrency, the Petro (PTR) is unconstitutional. Through a public statement, the lawmakers denounced the cryptocurrency as a fraud, and a threat to those who invest in it. In the public statement, the lawmakers criticized the cryptocurrency’s token sale in general, which reportedly already …
India Banning bitcoin is Becoming Highly Likely, New Bill Introduced The Indian inter-ministerial committee has drafted a bill to ban cryptocurrencies like bitcoin. Subhash Chandra Garg, the Finance Secretary who led the committee, has previously […]
Certified Blockchain Mechanism Designer (CMDes) Program About the CMDes Program This program is made for professionals who want to understand and know in-depth how to Design, Architect and Build Blockchain Solutions and Globally Integrated Systems […]
Amid a continued stranglehold on bitcoin withdrawals at exchanges, China’s over-the-counter (OTC) market is exploding with a premium on bitcoin price.
Bitkan Celebrates 20k+ CNY OTC Trade Prices
Data compiled by OTC marketplace shows bitcoin’s price rise contributed to a tenfold increase in users over the past three months, with prices per coin now above 20,000 yuan ($2,900).
“[…] Because of (sic) the major bitcoin exchange platforms have been banned from withdraw (sic) by the PBOC, a lot of bitcoin traders have moved to OTC trading,” the company said in a Thursday.
Compare (sic) 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.
The spot rate for bitcoin in China is currently around 2,000 yuan lower than Bitkan’s OTC rate.
In its blog post, CEO Yang Liu identifies what it considers to be three major factors which have motivated the boom in both price and user acquisitions, these being the , favorable , and a to the scaling debate.
“[The] Japanese government has identified bitcoin as currency in April, the Australian government is going to admit bitcoin as currency in the coming July (sic),” it continued.
On the other hand, demand surge in Japan and political instability in Korean (sic) is also driving the bitcoin price to rise, especially the OTC price.
Localbitcoins Cools
Figures from elsewhere in the OTC arena provide an interesting counter perspective to Bitkan’s buoyant data.
, which had long been the go-to resource for Chinese investors after the exchange freeze, reported significantly lower volumes the week ending May 20 compared to the week before.
Comments below Bitkan’s post today state that users now prefer it to Localbitcoins, but did not give further details.
A closer look at new user acquisitions also shows a spike during the week in which WannaCry hit the headlines, indicating that these users had read about bitcoin in the media and have no previous relationship with cryptocurrency.
That trend was repeated by exchanges earlier this month, specifically , which both released statements highlighting huge surges in user numbers and support tickets from inexperienced traders.
What do you think about the OTC trading phenomenon in China? Let us know in the comments below!
