Published On: Thu, May 25th, 2017

China’s Over-the-Counter Bitcoin Price Breaks 20K Yuan

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Amid a continued stranglehold on Bitcoin withdrawals at exchanges, China’s over-the-counter (OTC) market is exploding with a premium on Bitcoin price.
Bitkan Celebrates 20k+ CNY OTC Trade Prices
Data compiled by OTC marketplace Bitkan shows Bitcoin’s price rise contributed to a tenfold increase in users over the past three months, with prices per coin now above 20,000 yuan ($2,900).

“[…] Because of (sic) the major Bitcoin exchange platforms have been banned from withdraw (sic) by the PBOC, a lot of Bitcoin traders have moved to OTC trading,” the company said in a blog post Thursday.
Compare (sic) to the depression in spot market, the OTC price is rapidly rising at the same time. That is the only way for now, buying and withdrawing Bitcoin in China.
The spot rate for Bitcoin in China is currently around 2,000 yuan lower than Bitkan’s OTC rate.
WannaCry Drove Newbies Into Bitcoin
In its blog post, CEO Yang Liu identifies what it considers to be three major factors which have motivated the boom in both price and user acquisitions, these being the WannaCry cyberattack, favorable Japanese regulations, and a potential end to the scaling debate.
“[The] Japanese government …

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