China's Market Dominance Poses Questions About Global Bitcoin Trading Flows
China's position as the most active bitcoin trading market has come to attention again as Beijing exchange OKCoin topped daily dollar trades for the first time earlier this week. This comes weeks after Shanghai exchange BTC China highlighted that yuan trades comprised more than 70% of trading volume. As Chinese exchanges jostle for the top spot in global trading volumes, yuan trading is now three times greater than dollar trades. Analysts and exchange operators say China's dominance in bitcoin trading is largely due to macro factors like China's investment environment, but caution that....
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Today, China's exchanges report 98% of global volume, a figure that would suggest a huge dominance by its markets. Unfortunately, we know that most of this volume is fake. Unlike the rest of the world, China-based exchanges are unique in that they do not charge fees on bitcoin trades. Instead they make money via withdrawal charges out of the exchange. Further, these fees reduce as your trading volume increases, so this incentivizes traders to bolster this figure by buying and selling from themselves at zero cost. Still, there's a ocean of data coming from the markets, and they hold hidden....
The state of Bitcoin in China is still up in the air. However, this spring will mark the first Bitcoin conference to take place in China. The Global Bitcoin Summit will be held in Beijing from May 10 to 11, and will be produced by Bitfund.pe and UBM China. Also supporting the event will be Bitcoin Magazine, which will serve as the event's Premier Media Sponsor. The two-day conference will shed light on future Bitcoin trends in China and provide the latest information in the industry. The Global Bitcoin Summit aims to provide the ideal platform to obtain insights for the current development....