China’s Resurgent Stock Market is Seeing Profits Flow Into Bitcoin

China’s Resurgent Stock Market is Seeing Profits Flow Into Bitcoin
фото показано с : bitcoinist.com

2019-3-18 12:00

China is returning to Bitcoin investment despite its ongoing trading ban, data suggests this week as the Bitcoin price holds higher.

Yuan No.2 Entry Fiat Currency

Statistics gathered by monitoring resource Coinlib showing capital inflow into bitcoin and other cryptocurrencies puts the Chinese yuan (CNY) in the top entry currencies.

For the 24 hours to press time, CNY inflows into bitcoin topped the equivalent of $165 million, with Ether, the largest altcoin, seeing just under $75 million during the same period.

That performance puts China second out of the fiat entry assets, predictably behind the US dollar, while by far the largest inflows come from cryptocurrency stablecoin Tether.

Crawling Out Of The Pit?

The figures come at a time when China’s Bitcoin-focused economy – specifically mining giants – appear to be emerging from six months’ retraction.

As Bitcoinist reported, entities such as Bitmain had announced major downsizing and cost-cutting initiatives on the back of the Bitcoin price 00 falling from $6500 to $3100 last November.

More recently, however, the industry has begun putting out good news. Canaan Creative, Bitmain’s major competitor, closed a funding round earlier this month which sources claim is worth “hundreds of millions” of dollars.

Now, the added strength of bitcoin (BTC), which continues to trade around $4000, could signal renewed faith from what was once its biggest investment market.

The cues lie not just in mining: FatBTC, the largest cryptocurrency-only exchange serving Chinese clients, increased its volumes by more than 50 percent over the past day alone.

Nonetheless, Chinese lawmakers have given no hint that they intend to revisit a decision from 2017 to outlaw all legal trading options for local residents. Favoring blockchain technology, only the practice of cryptocurrency holding remains de facto legal.

This month, research from The Next Web revealed China as the country holding the largest number of blockchain patents with awards totalling nearly 800.

What do you think about China’s Bitcoin investment stats? Let us know in the comments below!

Images courtesy of Shutterstock

The post China’s Resurgent Stock Market is Seeing Profits Flow Into Bitcoin appeared first on Bitcoinist.com.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66991.82 (-0.16%)
Объем 24H $23.469b
Изменеия 24h: 1.49 %, 7d: 10.05 %
Cегодня L: $66739 - H: $67313.92
Капитализация $1319.736b Rank 1
Цена в час новости $ 4016.43 (1567.94%)

bitcoin seeing china yuan entry resurgent cny

Источник: bitcoinist.com

bitcoin seeing → Результатов: 126


Фото:

Here are the Key Factors Helping to Drive Bitcoin’s Price Lower

After a short bout of trading above $11,000, Bitcoin has witnessed massive inflows of selling pressure that have slowed its ascent and stopped it from seeing any major upside The cryptocurrency is now at grave risk of seeing further losses, with analysts noting that it may soon visit its key $10,200 support A break below this level could lead to serious losses, with bears potentially moving to fill the CME gap that exists around $9,700 […]

2020-9-23 21:00


This week in Crypto: Fidelity Starts Rolling out Crypto Services to Institutional Investors, Starbucks to Accept Bitcoin Payments in 2019, eToro Considers Adopting xRapid and more

The cryptocurrency industry is seeing what can be described as significant growth. First, Bitcoin price is steadily rising which is a good indication for the industry. Second, institutions are developing interest in the industry and many have started investing already.

2019-3-10 16:38


Фото:

Bitcoin Price Analysis: New High Paves Potential Reversal Setup

After days and days of consolidation, bitcoin finally managed to break a new high for the first time in almost two weeks. This new high, so far, has been short lived, however, as it was almost immediately sold into by eager bears:Figure 1: BTC-USD, 4-Hour Candles, New HighOur current 4-hour candle is seeing a relatively easy retracement after days and days of an upward grind.

2019-3-9 02:08


Bitcoin Price Analysis Update: BTC Held Up by Weekly MA, But Still Following the “Parabolic Trend”

The leading cryptocurrency is back at above $3,900 looking to break the $4k mark. On March 4th, Bitcoin price went from $3,680 to $3,870 level seeing a surge of 5 percent. Since then, Bitcoin has been seeing a slight upward shift in the price as it slowly moved to the $3,890 mark. The leading cryptocurrency […]

2019-3-8 19:46


Фото:

One Man’s Quest to Make Buenos Aires a Bitcoin City

A 19-year-old information engineering student in Buenos Aires, Argentina, has started a grassroots campaign to educate local businesses about accepting bitcoin as a payment method. First introduced to the cryptocurrency when he was 13, Leo is intent on seeing the vision of bitcoin becoming a mainstream transactional currency realized, and believes that homegrown actions as […] The post One Man’s Quest to Make Buenos Aires a Bitcoin City appeared first on Bitcoin News.

2019-2-25 16:20


Crypto Market Pullback Was Necessary, Now Value Proposition Of Bitcoin Is Stronger: Circle Report

Crypto Market Pullback Was Necessary, Now Value Proposition Of Bitcoin Is Stronger: Circle Report Goldman Sachs-backed Circle has released its first research on “Crypto Retrospective” that talks about the ongoing bear market, the performance of the market, network activity, and Dapp platform activity and the trends the market will be seeing this year. Starting with […]

2019-1-31 21:31


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Memecoin $PEPE Surges As Whales Accumulate Profits

The Ethereum memecoin $PEPE has seen a remarkable surge, hitting an all-time high of $0.00001127 today with a market cap surpassing $4.5 billion.  This represents a significant gain of over 11% for the day and 32% over the past 7 days, making it the second largest crypto memecoin in the […]