The bitcoin price is involving in an interesting direction right now. Whereas China used to dictate the global bitcoin price for quite some time, things are very different right now. In fact, it looks all other markets are pulling ahead where the bitcoin price is concerned, outpacing the once mighty China by quite a margin. This may only be a matter of time, though, but it is a nice change of pace regardless.
Bitcoin Price Pulls Ahead of CNY Values
It is not entirely unexpected to see various bitcoin markets take over from China right now. Based on the current valuations per BTC, the US Dollar and Eur have pulled ahead of CNY right now. Interestingly enough, Kraken – the exchange used for the EUR price on Tradeblock – shows the highest value in USD right now. The difference between most other exchanges is not that big, though, yet it is an intriguing development to keep an eye on.
Looking over the bitcoin exchange volume over the past 24 hours, Chinese cryptocurrency exchanges still play an invaluable role. Albeit OKCoin is the only one generating some decent volume right now, OKCoin and Huobi are still in the same league as some of the top USD exchanges. It is anybody’s guess as to how much of this volume is real, as that has always been a question when it comes to Chinese exchanges.
It is worth noting China remains very keen on bitcoin, even though they are moving on to different trading platforms as of late. Peer-to-peer trading platforms are becoming more popular because they are not bogged down by the same limitations as centralized exchanges in the country. No one likes to wait days to get their funds out of a bitcoin exchange, that much is certain.
Some bitcoin users on Reddit make a good point regarding Chinese cryptocurrency exchanges, though. Considering no one knows if and when they can withdraw funds anytime soon, one would expect the demand for bitcoin to suddenly start dropping off. Interestingly enough, that has not happened. In a way, this discredits the claims of how Chinese investors use bitcoin to evade capital controls. If they had done so in the past, the bitcoin price would have spiked by quite a margin over the past few years.
For the time being, it will be interesting to see how the rest of the world responds to the bitcoin developments. It is not unlikely we will see another price spike very soon, although no one knows for sure which region will be driving up the price. Japan has become the market leader for bitcoin volume as of late, yet they are seemingly unable to push up the price in any spectacular fashion right now.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.