OTC markets offer a way around the government's exchange ban but the rates aren't cheap.Investors in China are reportedly loading up on Bitcoin (BTC) at a premium based on the multi-step process required to turn fiat into most cryptocurrencies in the country.According to a recent analysis by cnLedger, Chinese traders are paying a fairly decent premium (~4.5%) to buy Bitcoin over the counter (OTC), paying 7 CNY for 1 Tether (USDT) on average when the exchange rate is roughly 6.7 CNY per USDT.“Why [is the] USDT premium going up? After the PBoC ICO/exchange ban, the most convenient way to buy [cryptocurrencies] in China, is to buy stable coins like USDT first using OTC, and then trade it into any cryptos you want in exchanges,” explained cnLedger.1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVUAs we previously reported, “bitcoin” topped the list of hottest new keywords on Baidu, China’s version of Google, during the rally last week.It seems that Chinese investors continue to have a significant interest in Bitcoin and cryptocurrencies, despite the government’s ongoing efforts to ban civilian access to the asset class.Bitcoin is currently down 1.2% over the last 24 hours to $5,225, giving the largest digital currency a $92.2 billion market cap (51.2% of the total crypto market).Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Despite the Chinese government’s strict regulations on cryptocurrencies, Chinese state media, CCTV, is shining a spotlight on Bitcoin’s recent bull run. CnLedger, a popular anonymous Twitter account that covers crypto news in China, notes CCTV’s recent coverage. ADVERTISEMENT “CCTV, China’s Official TV Channel: Bitcoin price surpasses $17.5K, up 70% in less than 50 days. Compared with 2017’s bull market, Bitcoin’s network, development and investment eco-system are now far better. The recent rise is driven by institutional funds.” Bitcoin is trading at $17,963.99 at time of writing, up more than 10% on the week, more than 50% on the month, and more than 120% on the year, according to CoinGecko. China banned initial coin offerings (ICOs) in 2017 and continued its crypto crackdown with investigations into exchanges last year. The country, however, has continued to support the blockchain space. A report from crypto analytics platform LongHash reveals that more than 10,000 blockchain companies were formed in China from January to July 2020, exceeding the 8,595 recorded in 2017. The crypto data company says this year the number of newly established blockchain companies in China will surpass the number of firms formed last year, which was 13,885. Additionally, Chinese citizens continue to use crypto to move money out of the country. An August report from blockchain analytics firm Chainalysis indicated that more than $50 billion worth of cryptocurrency has fled China-based wallets in the past 12 months. ADVERTISEMENT Follow Us on Twitter Facebook Telegram Check out the Latest Industry Announcements   ADVERTISEMENT Featured Image: Shutterstock/The7Dew

Photo by Ajeet Mestry on Unsplash Bitcoin has been on a tear over the past month, rallying from the low-$11,000s to highs around 36 hours ago at $18,500. This move has been marked by an uptick in mentions of the cryptocurrency by media, along with prominent investors and celebrities. Chinese media, despite the Chinese government’s aversion to cryptocurrencies (at least decentralized ones), recently made this clear when they covered the rally. As noted by prominent Chinese crypto analyst “cnLedger,” yesterday, CCTV, the official Chinese Communist Party television channel, did a segment on Bitcoin due to the rally. According to him, the state channel covered Bitcoin’s price being up 70 percent in fifty days, along with the strength in the fundamentals of the cryptocurrency: The chyron seen in the images the analyst shared highlights Bitcoin’s impressive price action over recent weeks. This latest coverage comes after CCTV covered cryptocurrencies in September. As reported by CryptoSlate previously, the anchors then discussed Ethereum, mentioning how it is a top performer in the cryptocurrencies markets, having outpaced Bitcoin, XRP, and a number of other top altcoins. As to why this is the case, DeFi was cited, as was the fears of inflation in fiat currencies. It is unclear if other cryptocurrencies that Bitcoin were mentioned in this latest television segment, but many see this as a sign that retail investors will eventually enter the space, driving the market to new local and potentially all-time highs. The Bitcoin hype is going beyond China. Lucas Huang, Head of Growth at Tokenlon told CryptoSlate:  Earlier this week, users around the world reported that the cryptocurrency was trending on Twitter where they were, with media coverage on the matter picking up dramatically in many Western countries. In Mexico, Bitcoin just gained the support of a billionaire entrepreneur and investor. David Puell, an on-chain analyst, noted that Mexican billionaire Ricardo Salinas Pliego recently tweeted that he put 10 percent of his liquid investment assets into Bitcoin due to his belief that the coin is a hedge against encroachment by governments: In a response to Bitcoiners, Salinas Pliego said that the rest of his investment assets are currently in precious metal related investments, highlighting his hesitance in investing in assets that are tied to fiat currencies. 19 Nov at 9:08 pm UTC 2.16%Bitcoin, currently ranked #1 by market cap, is up 2.16% over the past 24 hours. BTC has a market cap of $333.29B with a 24 hour volume of $36.67B. BTCUSD Chart by TradingView Posted In: Bitcoin, China, Adoption, Culture, Price Watch Sign up Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

In an indication of Chinas abrupt authentic about-turn on blockchain, officers are deleting posts that declare the generation is a rip-off, Twitter-based crypto information useful resource cnLedger reported on Oct. 28.Chinese language officers and president Xi Jinping brought about a stir overdue ultimate week after the latter gave a speech condoning blockchain. China, he stated, would develop into the sectors most important proponent of the generation and would search to enforce it during the financial system.In line with cnLedger, in keeping with earlier reactions to authentic coverage, primary social media platforms are already censoring anti-blockchain sentiment.Articles announcing blockchain generation is a rip-off are actually BANNED, it said.The transfer is rather ironic, cnLedger noting that previously, it was once content material associated with blockchain and cryptocurrency which directors would search to take away.In a similar fashion, it was once blockchain platform Tron (TRX), previously underneath intense scrutiny from Beijing, which benefited from the previous weeks traits. Up to now 24 hours by myself, TRX/USD has won nearly 25%.CEO Justin Solar had introduced a big, as but unknown, partnership with what he referred to as a mega company at the identical day as Xis speech.No. 1 App Retailer app educates on Bitcoin In an extra construction, cnLedger added that Xuexi Qiangguo, Chinas maximum downloaded app on Apples App Retailer, will function instructional content material on Bitcoin (BTC) and Ether (ETH).Whilst the precise nature of its content material stays unclear, it bureaucracy a part of a really helpful path focusing totally on blockchain.CPS Information, a media provider run by way of Xis Communist Birthday party of China, has additionally launched a device serving to birthday celebration individuals familiarize themselves with the generation.As Cointelegraph reported, China just lately unveiled quite a lot of use circumstances for blockchain, together with cross-border finance.

Believe it or not, China was once the de-facto capital of Bitcoin and cryptocurrency. The Asian nation, after all, is the home of Bitmain and other cryptocurrency startups and spawned a series of early cryptocurrency investors. To this day, it isnt exactly clear why Chinese individuals adopted Bitcoin so quickly. Maybe it was the nations propensity for technological development, familiarity with digital cash, or the culture of speculation and gambling.But, this changed in 2017 and 2018, when the local government began cracking down on the industrys involvement in China, presumably due to the fact that it was getting too large, too quick. By now, the local government purportedly has bans on cryptocurrency trading, industry-related events in large cities, use of fintech applications in Bitcoin applications, and certain forums involving this nascent asset class.However, this changed with the recent surge in the Bitcoin price. According to statistics from a number of sources, this industry is on the rise in China once again. Crazy, right?Huge Chinese App Gives Bitcoin a Nod Sina Finance may not ring a bell to you, the viewer. But to Chinese investors, it sure damn should. For those not versed in Chinas online culture, Sina Finance is a major financial news and data provider owned by a major technology firm. It serves millions of investors and is reported by SimilarWeb to be one of the top 500 websites in China. According to cnLedger, a local source for Chinese cryptocurrency news, Sina recently added Bitcoin and cryptocurrency price feed data to its application.Sina Finance, one of China's largest financial news providers, just added Bitcoin and Crypto-currency support to its app. pic.twitter.com/qS7VzNskim cnLedger (@cnLedger) July 3, 2019Per cnLedgers screenshot, the feed includes data for Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripples XRP. According to local reports, this data is only available via Sinas application, not through the website. It has also been reported that this new section on the Sina Finance application includes cryptocurrency- and blockchain-related news, but it isnt too clear from what sources Sina is grabbing news events from.Crypto on the Rise in China Again This comes as Bitcoin and cryptocurrency are on the rise in China once again. Per a separate tweet from cnLedger, a number of online data service providers suggest that a crypto asset-related app is trending on Chinas iOS App Store. Exchange giant Huobis mobile application is now, according to the sources, the seventh largest keyword in the aforementioned marketplace. Considering that Apple in China each year, this is quite the statistic.This data point has been somewhat corroborated The Blocks Larry Cermark, whopointed outvia Twitter that Google searches for exchanges that cater to Asian (mostly Chinese) demographics have seen an uptick in volume. So, while Binance, Coinbase, Bitfinex, and so on have seen little increase in volume, OkEX and Huobi have seen relative explosions.Simultaneously, WeChat keyword analytics have accentuated a massive uptick in the volume of Bitcoin. In fact, the past ninety days have seen keyword volume for the Chinese term for Bitcoin skyrocket by five times.There has been some speculation as to why this is occurring. As it stands, there are two primary theses: Chinese investors are looking to store their wealth in an alternative asset, just like other investors across the globe; and the launch of Facebooks cryptocurrency has sparked a new interest in Bitcoin and altcoins. The first makes sense, as there has been a push for Bitcoins viability as a store of value across the globe. And the second may make sense too, as Pony Ma, the founder of Chinese technology giant Tencent, and other technology tycoons have commented on the project.Download our Free Cryptocurrency Books Signup to download our eBook Collection.We will also send our weekly newsletter on a Friday lunchtime with the latest Crypto News & topics from Blockonomi. No Spam, ever.You will receive 3 books: Bitcoin, Ethereum & Lightning Network + All Future Books.You have Successfully Subscribed!

The former Peoples Bank of China governor says China should take precautions against the trend represented by Facebooks Libra cryptocurrency.The former governor of the Peoples Bank of China () says China should take precautions against the trend represented by cryptocurrency.Twitter-based Chinese crypto news source CnLedger reported on Xiaochuan Zhous remarks on July 9.Zhou notably served as PBoC governor between 2013 and 2018, a period which saw Beijing its onslaught of anti-crypto regulations including the historic blanket criminalization of initial coin offerings () and .CnLedger reports that Zhou characterized Libra as representative of the global trend in cryptocurrencies singling out its -like properties and ambitions to tackle the pain point of cross-border remittances in emerging economies.Equally representative, per Zhou, is the fact that the token will still face challenges such as anti-money-laundering compliance and fund custody.Contextualizing this trend more broadly, Zhou reportedly claimed that people valuing Libra is inseparable from the global dollarization trend, and that the imperative for China is to maintain a strong monetary status, take precautions and pursue rigorous policy research.The former governor further predicted, in CnLedgers summary, that:In future there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.As previously , Beijings perception that the cornerstone principles of the crypto revolution disintermediation and the frictionless circulation of value will undercut its strict capital controls and economic strategy has translated into a series of attempts to insulate both its domestic financial system and individual investors from the global crypto space.The current deputy PBoC governor, Pan Gongsheng, recently Security Token Offerings () as an illegal financing activity similar to ICOs, claiming that both remain rampant in mainland China notwithstanding the authorities ever-more-adversarial stance.The United States has meanwhile on Facebooks forthcoming Libra, and that Facebook and its partners impose an official moratorium on Libra development until its concerns are examined and addressed.Please follow and like us:

According to CNLedger, a recognized source of China-related cryptocurrency news, the Chinese over-the-counter (OTC) market has revealed strong buys as of late, indicating an overall rise in demand for bitcoin. 1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVU — cnLedger (@cnLedger) April 8, 2019 After the Chinese government banned bitcoin and cryptocurrency trading in September 2017, local publications including SCMP have reported that a relatively large number ofYour email address will not be published. Required fields are marked *

China Bitcoin Ban: Lawyer Says Occasional BTC P2P Exchange Is Legal A member of the Bank of China Law Research Association says sporadic bitcoin (BTC) trading isn't illegal in the country despite the trading ban enacted in 2017. This new revelation by cnLedger, a cryptocurrency news source that focuses on China, begs the question of what Chinese law enforcement and regulators would deem "occasional BTC trading." In a series of tweets posted by cnLedger on May 21, 2019, the Chinese news source said that there were no laws against the occasional bitcoin exchange between individuals. The tweets cited statements made by Sa Xiao to local news media outlet BJ News. 1/ "It is legal to own bitcoins in China" says Sa Xiao, Council Member at Bank of China Law Research Association, cited by The Beijing News. Besides, Xiao considers occasional exchange of bitcoins between individuals and individuals is legalSource(in CN): https://t.co/lQRaBECcIC Xiao, a Council Member of the Bank of China Law Research Association, said that the country's bitcoin ban didn't outlaw the exchange of virtual currency between individuals. According to Xiao, cryptocurrencies being digital property means that owners have the right to trade amongst themselves. However, cnLedger also reported that BTC trading businesses that resulted in "serious losses" to customers would attract punishment according to the existing provisions in China's criminal law code. BJ News highlighted one such case where an alleged scammer defrauded more than 100 traders, disappearing after the crime. The available reports failed to provide any clear guideline of what could be constituted as an occasional exchange of bitcoin between individuals. Since banning initial coin offerings (ICOs) and cryptocurrency trading in September 2017, Beijing has taken more steps to censor cryptocurrencies within the country. Regulators in the country have even gone further to outlaw other activities like security token offerings (STOs) and initial exchange offerings (IEOs). Earlier in the year, reports emerged that the country was looking to ban Bitcoin mining. At the time, the National Development and Reform Commission (NDRC) identified cryptocurrency mining as one of the activities that should be outlawed in the country. Bitcoin miners in China, however, received some assurances that such a move wouldn't occur in the immediate future. While being anti-crypto, China has, on several occasions, shown a positive disposition towards blockchain technology. Critics allege that Beijing's fondness for blockchain comes from efforts at increasing its censorship and monitoring of the Chinese society. Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4 document

The cryptocurrency markets are continuing a diversification trend whereby most altcoins are seeing moderate increases, with several strong outliers. Bitcoin has grown by $200 dollars in a sudden move, continuing to establish a descending triangle pattern on lower time frames.BNBhas corrected with a +4% performance on the day, likely due to its release of fiat trading with the Russian Ruble. Huobi Token and Cosmosare up 5% while TRON and IOTA are both down 2%.China continues romance with blockchain After last weeks speech made by Chairman Xi Jinping endorsing blockchain technology, which has been interpreted as a major catalyst of the recent bullish phase, China has now officially began offering blockchain lessons for its citizens.2/ Chinas most popular app, Xuexi Qiangguo (study for becoming powerful nation) now has a recommended course focusing entirely on blockchain, which contains Bitcoin & Ethereum lessons. The app released by CPC to help ppl learn about its political doctrines like Xi's thoughts. pic.twitter.com/nRdCntNRAA cnLedger (@cnLedger) October 28, 2019As reported by cnLedger, Chinas most popular state-sponsored app is now offering courses to learn more about Bitcoin and Ethereum, a news that could have provided the short-term push weve seen today.Chinas relationship with blockchain has been an important market driver, but it remains incosistent to say the least. While nobody has yet mentioned any kind of lift of the 2017 ICO and exchange ban, China seems to be actively pursuing the road of the state-backed digital currency.George McDonaugh, Co-Founder of KR1, warns that Chinas intentions may be less than pure though. I strongly suspect, DCEP [Chinas coin] will be the exact opposite of every feature of Bitcoin.It wont be public, transparent, permissionless, global or censorship-resistant.Its interesting to note that Chairman Xi Jinpings statements never mentioned bitcoin, or any other cryptocurrency for that matter, focusing instead on the integration of blockchain in other industries.When put in context alongside Chinas upcoming social credit system, () its beginning to look like this cryptocurrency could be the final chapter in bringing about near-total state-led control of the worlds most populated country,McDonaugh argues.Even though the fate of Chinese citizens may not be so grim in the end, it would be foolish to assume that China has suddenly embraced the principles crypto stands for. What has been interpreted as good news may end up turning into an even more stringent environment for decentralized cryptocurrencies.The post China Offers State-Backed Blockchain Lessons: Will The Market Recovery Continue? appeared first on Crypto Briefing.2 days ago / 2 days ago

As if to prove Zuckerberg right in his reasons to move ahead with Libra, President of the Peoples Republic of China Xi Jinping has promised extra funding for blockchain. He called the technology an important breakthrough for independent innovation. Crypto markets pumped in reaction.Chinese President Xi All-in on Blockchain TechAccording to the Xinhua News Agency, the Political Bureau of the CPC Central Committee carried out its 18th study on the current state and future trends of blockchain technology development.President Xi Jinping reportedly praised and emphasized the importance of blockchain technology. He called it a breakthrough and said that its integration was essential.Blockchain, he believed, would play an important role in innovation and industrial transformation. Mr. Xi said:We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation1/ BREAKING China's President Xi: Adopt blockchain as an important breakthrough for independent innovation of core technologies cnLedger (@cnLedger) October 25, 2019https://platform.twitter.com/widgets.jsChina Winning the Innovation RaceIt almost seems as if the timing of the Chinese Presidents words was a little too perfect for Zuckerberg. On Wednesday of this week, the Facebook CEO warned a cranky US Congress that China would leave the USA in the dust if they failed to innovate.While we debate these issues, the rest of the world isnt waiting. China is moving quickly to launch similar ideas in the coming months. If America doesnt innovate, our financial leadership is not guaranteed.While a scathing Court tore strips off of Zuckerberg for Facebooks less desirable practices, the fate of Libra hung decidedly in the balance.Meanwhile, the Asian tiger economy is indeed steaming ahead when it comes to blockchain tech. Binance head Changpeng Zhao recently tweeted out that even WeChat pay is starting to place receipts on the blockchain. In turn, the US is halting projects and sending subpoenas left and right.Just got word that WeChat pay in Shenzhen now puts receipts on the blockchain? pic.twitter.com/ucwYsUYV2c CZ Binance (@cz_binance) October 25, 2019https://platform.twitter.com/widgets.jsCrypto Markets Start to Pump Off the Back of China NewsWhether the threat of China will be enough to propel US regulators into taking action remains to be seen. In the meantime, the crypto markets have responded positively to the news. Bitcoin has leaped by over $200 over the last hour.Perhaps Libra will never see the light of day and maybe the US wont get behind blockchain tech. Whatever happens, it seems that President Xi is a raging blockchain bull. And that can only be a good thing for the growth of this industry.Do you think President Xis advocacy for blockchain will bring crypto markets back from the rut? Let us know your thoughts below!Images via Shutterstock, Coinmarketcap, Twitter: @cnLedger, @cz_binance, Washinton PostThe post Crypto Markets Pump As President Xi Calls Blockchain a Breakthrough appeared first on Bitcoinist.com.Source: bitcoinist.com

The former governor of the Peoples Bank of China (PBoC) says China should take precautions against the trend represented by FacebooksLibra cryptocurrency.Twitter-based Chinese crypto news source CnLedger reported on Xiaochuan Zhous remarks on July 9.Zhou notably served as PBoC governor between 2013 and 2018, a period which saw Beijing pursue its notorious onslaught of anti-crypto regulations including the historic blanket criminalization of initial coin offerings (ICOs) and exchange crackdown.CnLedger reports that Zhou characterized Libra as representative of the global trend in cryptocurrencies singling out its stablecoin-like properties and ambitions to tackle the pain point of cross-border remittances in emerging economies.Equally representative, per Zhou, is the fact that the token will still face challenges such as anti-money-laundering compliance and fund custody.Contextualizing this trend more broadly, Zhou reportedly claimed that people valuing Libra is inseparable from the global dollarization trend, and that the imperative for China is to maintain a strong monetary status, take precautions and pursue rigorous policy research.The former governor further predicted, in CnLedgers summary, that:In future there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.As previously reported, Beijings perception that the cornerstone principles of the crypto revolution disintermediation and the frictionless circulation of value will undercut its strict capital controls and economic strategy has translated into a series of attempts to insulate both its domestic financial system and individual investors from the global crypto space.The current deputy PBoC governor, Pan Gongsheng, recently characterized Security Token Offerings (STOs) as an illegal financing activity similar to ICOs, claiming that both remain rampant in mainland China notwithstanding the authorities ever-more-adversarial stance.The United States Congress has meanwhile demandedhearings on Facebooks forthcoming Libra, and requested that Facebook and its partners impose an official moratorium on Libra development until its concerns are examined and addressed.

The former governor of the Peoples Bank of China (PBoC) says China should take precautions against the trend represented by Facebooks Libra cryptocurrency.Twitter-based Chinese crypto news source CnLedger reported on Xiaochuan Zhous remarks on July 9.Zhou notably served as PBoC governor between 2013 and 2018, a period which saw Beijing pursue its notorious onslaught of anti-crypto regulations including the historic blanket criminalization of initial coin offerings (ICOs) and exchange crackdown.CnLedger reports that Zhou characterized Libra as representative of the global trend in cryptocurrencies singling out its stablecoin-like properties and ambitions to tackle the pain point of cross-border remittances in emerging economies.Equally representative, per Zhou, is the fact that the token will still face challenges such as anti-money-laundering compliance and fund custody.Contextualizing this trend more broadly, Zhou reportedly claimed that people valuing Libra is inseparable from the global dollarization trend, and that the imperative for China is to maintain a strong monetary status, take precautions and pursue rigorous policy research.The former governor further predicted, in CnLedgers summary, that:In future there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.As previously reported, Beijings perception that the cornerstone principles of the crypto revolution disintermediation and the frictionless circulation of value will undercut its strict capital controls and economic strategy has translated into a series of attempts to insulate both its domestic financial system and individual investors from the global crypto space.The current deputy PBoC governor, Pan Gongsheng, recently characterized Security Token Offerings (STOs) as an illegal financing activity similar to ICOs, claiming that both remain rampant in mainland China notwithstanding the authorities ever-more-adversarial stance.The United States Congress has meanwhile demanded hearings on Facebooks forthcoming Libra, and requested that Facebook and its partners impose an official moratorium on Libra development until its concerns are examined and addressed.

The increase in prices for Bitcoins (BTC) last week led to the fact that Chinese traders not only returned to trading, but also paid a surcharge for it, the cnLedger news account on social networks reported on April 7. Reproducing price spreads on the Huobi and OKEx cryptocurrency exchanges, cnLedger has revealed an increasingly common practice among Chinese traders who want to buy bitcoins. Since China officially banned cryptocurrency trading in 2017, investors had few options. Buying stable coins such as Tether (USDT) through over-the-counter (OTC) services and converting them into other cryptocurrencies has become the main method, cnLedger noted. Now, in connection with the bull week for Bitcoin, in which BTC / USD has grown by more than $ 1,000, the prices for these OTC services have been steadily growing in the conditions of CNY, noting an increase in demand. “Chinese markets show strong purchases,” the resource summed up. “Over-the-counter (over-the-counter) trading, almost the only way to buy bitcoins by decree in China, shows a significant premium in dollars (1 USDT = 7 CNY) compared to the official rate of 1 USD = 6.7 CNY.” Lively sentiment among Chinese investors contrasts with the ongoing suppression of activities related to the cryptocurrency in the country. Reportedly, this has spread to everything that is considered propaganda, while related tools, such as initial coin offers (ICO), are also prohibited. On the contrary, the authorities continue to advocate the development of blockchain technology, both in the public and private sectors. Last week, Beijing approved nearly 200 firms as part of new plans to register blockchain service providers. Earlier it was reported that China actually implements more projects related to the blockchain than in any other country in the world, along with the largest number of patents for the blockchain. window.coinzilla_display = window.coinzilla_display || []; var c_display_preferences = {}; c_display_preferences.zone = "9175c6bd8e942d2c94"; c_display_preferences.width = "160"; c_display_preferences.height = "600"; coinzilla_display.push(c_display_preferences);

President Xi Jinping late last week gave a speechcondoning blockchain. China, he said, would become the worlds foremost proponent of the technology and would seek to implement it throughout the economy.According to cnLedger, major social media platforms are already censoring anti-blockchain sentiment. Articles saying blockchain technology is a scam are now BANNED, it stated.It was blockchain platform Tron (TRX), formerly under intense scrutiny from Beijing, that benefited from the past weeks developments. In the past 24 hours, TRX/USD gained almost 25%.Justin Sun, the CEO had announced a major partnership with what he called a mega corporation on the same day as Xis speech.cnLedger also added that Xuexi Qiangguo, Chinas most downloaded app on ApplesApp Store, will feature educational content on Bitcoin (BTC) and Ether (ETH).Bitcoinblockchaincrypto

slot_7',137,'0']));As Bitcoin prices look to consolidate from reaching a relative high over the weekend, Chinese traders in particular are giving bullish indicators as to the future of the currency. Analysts have been struggling to categorize the exact market movement for Bitcoin and cryptocurrency over the past week. Following the surprise bullish turn for Bitcoin, which was catalyzed by 20,000 BTC–worth $100 million at the time–being purchased in a coordinated fashion across three exchanges. Since that initial, whalish purchase, the crypto markets have been on a steady upward trend. zslot_0',101,'0'])); Bitcoin jumped to $5300, establishing a relative high for 2019 and giving the currency its most bullish day of trading since December 2017. Over the weekend, BTC once again challenged the $5300 line, meeting significant resistance but not enough to dismay analysts. Instead, many are calling for the primary resistance to come at $6000, marking the price level for Bitcoin when its valuation plummeted in November 2018. Some have pointed to the 200-moving day average as being a strong indicator for BTC’s price movement going forward, as Bitcoin has traditionally behaved bullishly when trading above its 200-day EMA. 134,'0'])); Chinese investors are not only taking a bullish stance on cryptocurrency, but are willing to pay the “over the counter” (OTC) premium for buying Bitcoin. According to the social media based news account cnLedger, Chinese traders are giving indicators for strong buys and are conducting over the counter trades as the primary means of acquiring BTC. In 2017, China formally banned cryptocurrency trading, forcing investors to use alternative channels to buy and sell Bitcoin. cnLedger notes that Chinese investors have resorted to purchasing the stablecoin Tether (USDT) through OTC providers–at a price premium relative to the market–which they are then able to exchange for Bitcoin and other top cryptocurrencies. According to the reporting by cnLedger, Chinese investors are having to purchase USDT at a rate 5% higher than its traditional market price: “1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.” 2','ezslot_3',102,'0'])); 1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVU— cnLedger (@cnLedger) April 8, 2019 The fact that these investors are continuing to engage in cryptocurrency trading with such a high volume indicates that they are, on average, bullish on the outlook for Bitcoin and their ability to offset the premium purchase of USDT through crypto-based appreciation. Even more revealing is the willingness of Chinese traders to engage in cryptocurrency investing despite the severe crackdown by the Chinese government. Not only has formal trading of cryptocurrency been outright banned in the country, but the government includes materials related to the development of blockchain and cryptocurrency as equally illicit propaganda. Nonetheless, cryptocurrency prices have continued to rise as renewed investor drive significant capital into the market. Following 2018’s “crypto witner,” droves of investors are beginning to change their opinion on the state of the market, particularly as many coin prices were languishing on 90 percent or more losses since the last bull run.