
Chinese traders turn to OTC desks
Crypto Signals – Threats from China’s central government appear to have done little to quash local demand for crypto assets.
Chinese traders turn to OTC desks by FxPremiere.com
As Beijing attempts to regulate and suppress the cryptocurrency boom, traders have been evading regulatory oversight by using over-the-counter, or OTC trading desks.
Crypto Signals
While exact volume data is hard to ascertain as Chinese OTC transactions are peer-to-peer and use third-party payment platforms, the exchange rate between China’s yuan and popular stablecoin Tether (USDT is seen as a key gauge of local crypto market sentiment — with demand for USDT increasing during market downturns.
According to Bloomberg, USDT/CNY fell by as much as 4.4% after the Communist Party crackdown earlier this month but has since recouped more than half the loss. The recovery suggests that peak selling may have passed as the markets begin to consolidate.
CryptoCurrency
As a result, Bitcoin’s mining difficulty fell by 16% on Sunday to 21 trillion – its sharpest decline this year. Mining difficulty provides an estimate for the computing power required to produce new BTC.
The network automatically adjusts the difficulty around once a fortnight, responding to levels of competition among miners. The lower it falls, the less competition there is – suggesting that many have already powered down their rigs.
Chinese traders turn to OTC desks
CryptoCurrency Signals
Get access to over 20 Crypto Signals sources of Daily via Telegram in a VIP Channel –Ethereum (ETH), BitCoin (BTC) Litecoin (LTC), Cardano (ADA), Polkadot (DOT)and many more.. Up to 11 Crypto Signals per day! We Also offer Forex Signals from our Umbrella Company FxPremiere.com
Chinese traders turn to OTC desks
1 – XRP Price Prediction if It Wins Lawsuit
2 – XRP Climbs 11% In a Green Day
3 – XRP Climbs 25% In a Green Day
SEC Crypto Exchange Regulation
About The Author: Crypto Signals
Crypto Signals by FxPremiere Group look no further for the best signals online look no further than FxPremiere
More posts by Crypto Signals