Categories: CryptoNews

Close to 94% of 24-hour Bitcoin Trading Volume Comes From China

For quite some time now, the Bitcoin volume has been mostly originating coming from the Chinese exchanges. But it looks like the volume keeps picking up in that region, as close to 94% of Bitcoin trading volume in the past 24 hours has come from Chinese platforms.

CNY Trading Dominates Bitcoin Exchange Volume

Despite the Bitcoin price most often being referred to in its USD value, the majority of trading volume comes from Chinese exchanges. In fact, close to 94% of trading volume in the past 24 hours is coming from CNY markets, which is quite an increase compared to previous weeks. Then again, the Bitcoin price has been going up as well, and that hardly ever happens without positive buy signals from China.

This comes as little to no surprise, though, although close to 94% is quite a significant margin. Some people might argue this is a form of centralized Bitcoin trading, yet the situation has never been different over the past two years. What is rather disconcerting is how the CNY Bitcoin trading is mostly originating from Huobi, a platform which seems to be continuing their hot streak of the past few months.

BTCC, on the other hand, appears to be losing a lot of ground in recent months. What once was deemed the largest Chinese Bitcoin exchange is now in third place, behind Huobi and OKCoin. However, they are closely followed by LakeBTC, which is creeping up the ranks slowly but surely.

Related Post

In a rather surprising turn of events, it turns out the Bitcoin CNY trading volume has not increased by much in the past few weeks, despite the increasing Bitcoin price. Then again, the total daily volume remains quite impressive on a daily basis, to say the least. In the past 24 hours, over 1.4 million Bitcoin have exchanged hands across Chinese exchanges.

Over on the USD side of things, however, the Bitcoin trading volume has been picking up over the past few days.  Although over 83,000 Bitcoin has changed hands in the past 24 hours across USD exchanges, it is still no match for their CNY counterparts. The recent price increase is attracting a lot of attention as of late, but there is no noticeable increase in CNY trading volume to back up this growth.

Source: Cryptocompare

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

2 hours ago

Top 5 Best Crypto Presales to Grab Now: Don’t Miss These December Week 1 Gems

The crypto market is a buzz with promising presales as 2024 draws the curtains. With…

2 hours ago

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

10 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

10 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

11 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

11 hours ago