{"id":43437,"date":"2021-05-31T10:34:25","date_gmt":"2021-05-31T07:34:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43437"},"modified":"2025-08-31T03:40:44","modified_gmt":"2025-08-31T00:40:44","slug":"chinese-traders-weather-the-first-shock-from-authorities-criticism-of-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/chinese-traders-weather-the-first-shock-from-authorities-criticism-of-bitcoin\/","title":{"rendered":"Chinese traders weather the first shock from authorities&#8217; criticism of Bitcoin"},"content":{"rendered":"<p>The USDT-to-yuan rate retraced more than half of its 4.4% losses, recorded after the release of a Xinhua News Agency piece <a href=\"https:\/\/u1f987.com\/en\/news\/china-criticises-bitcoin-and-mining-market-falls\">with criticism of Bitcoin<\/a> and cryptocurrency mining, <a href=\"https:\/\/finance.yahoo.com\/news\/crypto-traders-defy-china-crackdown-220000310.html\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg<\/a>.<\/p>\n<p>The rise in quotes may indicate that the peak of selling in digital assets has passed, the publication says. They noted that data on off-exchange platform trades cannot be aggregated. The exchange rate of the stablecoin to the national currency can be regarded as an indicator of local traders&#8217; sentiment.<\/p>\n<p>Bloomberg believes that off-exchange platforms may feel less pressure from authorities. Trading on them does not entail risks of capital outflows from the country compared to Bitcoin exchanges.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The yuan-denominated portion of [off-exchange] deals takes place entirely within China&#8217;s domestic financial system. The risk of large-scale capital outflows is small&#8221;<\/em>, the article says.<\/p>\n<\/blockquote>\n<p>The publication contends that Chinese traders still constitute the majority of global cryptocurrency trading. In 2017, before the ban on Bitcoin exchanges, it accounted for 80%.<\/p>\n<p>Earlier, cryptocurrency exchange Bybit <a href=\"https:\/\/blog.bybit.com\/zh-cn\/announcements-cn\/important\/api-restricted\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u043f\u0440\u0435\u0434\u0443\u043f\u0440\u0435\u0434\u0438\u043b\u0430<\/a> about introducing restrictions for Chinese IP addresses from June 15, 2021.<\/p>\n<p>Earlier, Huobi and OKEx reduced their service offerings on the mainland: the former <a href=\"https:\/\/u1f987.com\/en\/news\/huobi-and-okex-curtail-services-for-chinese-residents\">ceased offering mining-pool services<\/a>, the latter temporarily halted trading of the native OKB token on its P2P platform for residents of the country.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USDT-to-yuan rate retraced more than half of its 4.4% losses recorded after the release of a Xinhua News Agency piece {{AOPEN_1}}with criticism of Bitcoin{{ACLOSE_1}} and cryptocurrency mining, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":43438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1267,830,1245],"class_list":["post-43437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-cryptocurrency-trading","tag-otc","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43437"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43437\/revisions"}],"predecessor-version":[{"id":43439,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43437\/revisions\/43439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43438"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}