What is happening on Asian BTC exchanges suggests that the Chinese attempt to ban Bitcoin has been unsuccessful.
The attempt to ban bitcoin in China ended in a fiasco
China has completely banned BTC mining in most regions of the country. On June 16, the government removed cryptocurrency exchange sites from web searches. Moreover, the Huobi derivatives exchange started restricting leverage trading and blocked new users from China.
Beijing’s plan was obvious: destroy the bitcoin market in China. Except that new data shows that the plan has failed.
The hash rate increases to 100 million TH / s
Let’s look at the hash rate. After peaking at 186 million TH / s on May 12, this figure began to decline. Along with the aforementioned extension of the mining ban to most regions in China, it reached its lowest level in two years, amounting to 85 million TH / s.
However, as the data above shows, the computing power of the Bitcoin network returned to 100 million TH / s in less than three weeks. Some miners have successfully moved their equipment from China to Kazakhstan, while others have moved to Canada and the US.
Peer-to-peer (p2p) markets
Even though China hit cryptocurrency exchanges, individuals continued to act as middlemen in this market. New research shows over 10,000 successful peer-to-peer transactions.
Both Huobi and Binance offer a similar market where users can trade multiple cryptocurrencies including Tether (USDT).
Asian stock markets continue to dominate the volume of spot transactions
A complete suppression of trade with Chinese players would likely be reflected in exchanges previously based in the region such as Binance, OKEx, and Huobi. However, looking at the latest volume data, nothing bad happened.
China’s ban on bitcoin mining and BTC-based transactions may have led to some temporary issues and a negative impact on the BTC price, but all indications are that the market has coped with the problems.
There is currently no way to measure the level of non-market – OTC – trades where larger amounts are traded, but it’s only a matter of time before these brokers find new payment gateways and pathways to overcome Chinese restrictions. It is possible that they have already done so.
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