Regulations Push Cryptocurrency Traders to LocalBitcoins

Regulations Push Cryptocurrency Traders to LocalBitcoins

The increasing interest in Bitcoin has got the community looking for ways to overcome the roadblocks set by government agencies. As regulatory issues affect conventional methods of buy and selling cryptocurrencies over established platforms, the community members seem to have migrated to peer-to-peer platforms like LocalBitcoins. The market charts published by Coin Dance platform shows increasing Bitcoin trade volumes on LocalBitcoins. The surge in Bitcoin demand on the peer-to-peer trading platform appears to be driven by the recent developments in the Chinese cryptocurrency industry. The region wise demand trend shows the cryptocurrency’s volumes surge to record levels in the Chinese market. The volumes in Canada, Chile, China, Colombia, Mexico, Norway,...

Is China’s Credit Bubble on the Brink of Bursting?

Is China’s Credit Bubble on the Brink of Bursting?

A lot of people are concerned about China’s economy right now. With foreign reserves falling to dangerous levels, no one knows for sure how bad the situation truly is. Massive borrowing outside China is bringing net reserves down even further. It seems unlikely the PBoC can sustain the yuan exchange rate much longer. The Chinese credit bubble is on the brink of busting, which can have catastrophic consequences. New information provided by Kynikos Associates shows things in China are unraveling. With net reserves just above US$1. 7 trillion, things are not looking good. Official numbers put the FX reserves at US$2.998tn, albeit that number may be much lower. Keeping the yuan exchange rate afloat artificially will be challenging, to say the least. The End of...

Contrary to Expectations, Chinese Crypto-Market Continues to Drive BTC Price

Contrary to Expectations, Chinese Crypto-Market Continues to Drive BTC Price

The reaction of Bitcoin market to the recent developments in the Chinese cryptocurrency market was quite the opposite to the expectations. As the Chinese Bitcoin exchange platforms make changes to their offerings following the People’s Bank of China’s orders, Bitcoin price continues to show positive growth. The demand and supply in the Chinese market have been known to impact the global cryptocurrency prices. The Chinese central bank’s crackdown on the country’s Bitcoin platforms following an inspection was expected to bring down the cryptocurrency price due to regulatory uncertainty. Even though there was a sudden dip in Bitcoin’s price a few days ago, it soon recovered to previously held levels. On Thursday, following BTCC’s...

Samson Mow Quits BTCC, Announces on Twitter

Samson Mow Quits BTCC, Announces on Twitter

The increasing regulatory pressure on the Chinese Bitcoin market seems to have claimed its first victim. Samson Mow, the Chief Operating Officer at BTCC, one of the leading Chinese cryptocurrency exchanges, has announced his plans to quit the company. The announcement was made by Samson on his Twitter channel earlier yesterday. The Tweet read, “Today’s my last day at @YourBTCC. It’s been an incredibly eventful & exciting 2 years working with @bobbyclee to make #bitcoin great again. As the cryptocurrency community continued to guess the reason behind Mow’s departure, the CEO of BTCC Bobby Lee cleared the air by tweeting the reason behind the COO’s recent decision. Bobby said, [email protected] has been our COO for 2 great years....

China's BTCC Becomes Latest Bitcoin Exchange to Freeze Withdrawals

Shanghai-based bitcoin exchange BTCC has announced that it will halt bitcoin and other cryptocurrency withdrawals for one month. The news, posted to its website today, comes one week after Huobi and OKCoin, two of the country’s ‘Big Three’ exchanges alongside BTCC, revealed they would prohibit cryptocurrency withdrawals as part of an effort to combat money laundering at the request of China’s central bank. At the time, BTCC said it would undertake a similar upgrade, but that it would only take 72 hours to complete. According to the update, however, BTCC plans to continue the audit of its system, with the goal of ending the process on 15th March. The statement reads: “After the upgrade of the industry and the completion of the audit...