As an alternative, Chinese traders choose LocalBitcoins

19th September 2017 Off By binary
As an alternative, Chinese traders choose LocalBitcoins

Against the backdrop of a significant tightening of the state regulation of the cryptocurrency industry and the news about the closure of exchanges, many Chinese traders are moving to the popular p2p-platform LocalBitcoins.

This is evidenced by the data of the analytical service Coin.Dance:


As can be seen from the diagram, as of September 16, 2017, the weekly trading volume on the platform was 74.8 million yuan, more than double the value of a week ago (32.4 million yuan, as of September 9, 2017).

In all likelihood, the rapid growth in trading volume on the LocalBitcoins p2p-site is also largely due to the closure of the popular platform for over-the-counter trading of BitKan cryptocurrencies.

Earlier ForkLog reported an increase in trading volumes on the Japanese and South Korean exchanges amid a significant decline in activity in the Chinese market of cryptocurrencies.

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