Bitcoin Traders In China Having Less Confidence

Bitcoin Chinese Yuan

The China’s over the counter markets are affected by the decision of the bitcoin exchanges for freezing the withdrawals. According to the report of CoinDesk, two of the three biggest bitcoin exchanges have suspended the bitcoin BTC withdrawals for responding to the new pressures from the People’s Bank of China last week. ‘This move was followed by less restrictive policy updates from exchanges in the different parts of the country.

Although the price was not affected much, the traders report that they have to shift their plans because they believe that the exchanges can’t act as a reliable source of prices anymore.

The representatives of some main OTC firms indicate that they are presently using the US dollar price largely for determination of the bitcoin’s price in a conversation with the CoinDesk.

The operator of the OTC trading company FinTech Blockchain Group Zhou Shouji says that their organization is presently using the USD rate. Moreover, the OTC trader Zhao Dong called the exchanges in the China as totally disabled. He says that the price is meaningless for the people want to trade in bitcoin because the withdrawal is not allowed.

Also, it is further indicated by the traders that the activity is frequently taking place on the exchange platforms based on the peer to peer technology such as Bitpie and Bitcoinworld that are a wallet and P2P service respectively started by the startup Bither.

The interviewees believe that these types of services can be used widely, especially if the central announces further actions. The overseas marketing manager of the OTC firm Richfund Kong Gao tagged the prevailing sentiment as one of the continued uncertainty.

In a talk with the CoinDesk, he says that I am waiting to watch what will happens next as I think no one can predict what will be imposed by the PBOC next

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