Bitcoin
BTC$19 095.25

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Ethereum
ETH$1 331.94

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Tether
USDT$1.000074

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Chinese bitcoin traders still wield enormous influence


26 May 2021

#Bitcoin

Chinese bitcoin traders continue to thrive despite Beijing’s four-year crackdown on cryptocurrencies, experts told CNBC. But tough words from Beijing are not new. In 2017, China shut down local cryptocurrency exchanges and banned so-called initial coin offerings (ICOs), a way to raise money for crypto companies by issuing digital tokens.

China’s role in bitcoin was thrust back into the spotlight last week after authorities reiterated that financial institutions should not get involved in cryptocurrency businesses such as trading or helping to exchange fiat into digital coins. These were not new regulations. But it was one of the reasons for the plunge in bitcoin last Wednesday, which at one point fell 30% to just over $30,000 before seeing a recovery.

What has happened to Chinese bitcoin trading?

As China increased its scrutiny of the cryptocurrency sector, a sort of grey market was created. Chinese exchanges such Huobi and OKEx moved offshore since they were not able to be licensed on the mainland. Some of these platforms offer crypto-to-crypto trading such as buying bitcoin with the U.S. dollar-linked stablecoin called tether (USDT). Some platforms offer a renminbi to USDT conversion service which allows Chinese users to get the crypto required to buy bitcoin.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 28 $19 095.25 0.49% -4.82% $365 864 647 826 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 56 $1 331.94 0.71% -8.41% $163 184 327 469 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000074 0% 0% $67 959 697 977 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000122 0.02% 0% $49 720 551 593 USDC 7 days price change
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6 XRP (XRP) XRP XRP predictions 63.2% 72 $0.488936 -0.60% 26.12% $24 372 838 519 XRP 7 days price change
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14 Polygon (MATIC) MATIC Polygon predictions 70% 54 $0.760974 -1.00% -7.31% $6 646 589 172 MATIC 7 days price change
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