Bitcoin-Yuan Paxful Volume SurgingThe spike in Chinese trading volume on Paxful tells a different story from the one we’ve been hearing for the past few weeks. There, too, users can trade Bitcoin peer-to-peer; the platform heavily relies on Wechat and Alipay for its trades with the Chinese yuan. The trading volume on BTC/CNY has been rising steadily all year and, in fact, recently even hit a new all-time high of ¥10M for this past week. The increase is staggering. The last major spike of this kind was in late 2017 — but the current spike is more sustained and far larger. The increase in Chinese P2P trading volume could be an indicator that a growing number of Chinese investors are growing frustrated at the lack of exchanges for BTC trading. As a result, many have turned to P2P platforms in growing numbers.
‘Somethings Are Better Left Unsaid’WeChat and Alipay may have called out Binance — but the fact remains that their payment services are used for cryptocurrency trades in China. For example:
- HodlHodl: BTC/CNY using Alipay.
- LocalBitcoins: BTC/CNY using Alipay and WeChat.
- CoinCola: BTC/CNY using Alipay and WeChat.
- CoinCola: BTC/CNY and BTC/HKD using Alipay and WeChat.
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