It appears the bullish Bitcoin price trend is far from over. BTCC, one of the oldest and largest Chinese Bitcoin exchanges, set a new all-time high earlier tonight. With the price per Bitcoin surpassing the 7,600 CNY mark, the appetite for Bitcoin in China remains big. A significant milestone for the company, as all of those years of hard work is paying off.
BTCC’s All-time Highs Are A Vote of Confidence
Even though BTCC – formerly known as BTCChina – is not the oldest Bitcoin exchange in China, they are one of the most respected. The company has been around for several years now and remained competitive with other local exchange platforms. But what sets them apart is how they have never been hacked, which is a feat very few other exchanges can claim.
All of those years of hard work have been repaid by customers who continue to use the platform and turned BTCC into one of the world’s leading Bitcoin exchanges. Moreover, the company processed over USD$2.6bn in Bitcoin volume over the past 24 hours, which is quite a significant number.
It is evident Chinese cryptocurrency exchanges are driving this global price trend. Evading capital controls to retain control over one’s own money is becoming increasingly difficult in China. Converting Yuan to Bitcoin is the only option for some people, despite having to pay a slight premium price for every BTC.
Other Chinese exchanges are doing quite well in their own regard. OKCoin and Huobi see a fair amount of Bitcoin trading volume every day. A few years ago, both of these exchanges were market leaders, whereas BTCC had only just launched. Competition can bring out the best in companies, and the end user will benefit from competitive fee structures and payment options.
Regarding trading volume, OKCoin and Huobi are not that far behind BTCC right now. All three platforms noted well over US$2bn been traded in the past 24 hours. As has been the case for quite some time now, the global Bitcoin trading volume is dominated by Chinese exchanges. One Bitcoin is traded at the average price of nearly US$1,100 on those exchanges, whereas the BTC/USD trading pair on Bitstamp sits at US$1,056.
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