Experts Say Chinese Traders Still Have Huge Influence In The Crypto Market

Chinese traders still have a huge influence on the cryptocurrency market, despite all of the different problems they are facing to work with right now. This is the view of several experts in the field who are evaluating how recent Chinese bans and prohibition proposals have really affected the way Chinese bag makers do business at Asian fairs. and global. Chinese Traders Still Matters for the Market According to several experts who know how Asian markets operate, Chinese traders still have a huge influence on how crypto markets evolve, despite all the difficulties they face in operation. Even bypassing all government regulations, these traders still manage to do business using gray markets and other services that allow them to trade their local currency for crypto. The news that China has issued strict warnings for cryptocurrency trading and initial coin offerings (ICOs) is not new: China has been warning about such activity since 2017, when it banned cryptocurrency. national cryptocurrency exchanges. This has spread to the cryptocurrency mining space, said Deputy Prime Minister Liu He of China last week saying that the country should "reduce bitcoin mining and trade behavior" as a statement that created some prerequisites for a major turmoil in the market. . However, according to Matthew Graham, CEO of Sino Global Capital, a local blockchain company, Chinese traders are still very strong in the market. Graham said: The diminishing influence of Chinese bitcoin traders is an exaggerated story. The thing is, Chinese traders still have a tremendous influence. Bobby Lee, the founder of BTCC, one of the first Chinese crypto exchanges, agrees. Lee said: I think there are more Chinese traders now. Bitcoin won a large order in price. How can this be? After setting strict rules for most cryptocurrency-related services, an offshore gray market emerges.

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