For the first Time ever, Bitcoin on the Chinese OTC Trading traded platforms, with a premium.
China is recovering slowly but surely from the Coronavirus – and now it looks as if the country is leading the Bitcoin purchases in this bearish period for the cryptocurrency market.
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Dovey Wan (@DoveyWan) reported that China is buying Bitcoin above-average prices. The rare sighting is a new development – one that suggests perhaps the fact that the Trends in the wider market change.
On the OTC Trading platforms such as Huobi OTC, OKEx OTC and local bitcoin is traded BTC for significantly higher prices than on other exchanges. So the average price was on Huobi OTC in the past 24 hours at about ¥39541 ($5.638). The price of Bitcoin was at the time of publication at about the 4,725 dollars.
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This could be part of a “new paradigm”? While China of the Coronavirus-recovered epidemic and the Rest of the world fights, we could observe large variations between the markets for crypto-currencies. China is for the time being, a leader, and puts high demands on the crypto-currency number 1.
Some speculate that this is a proof that Bitcoin has reached its bottom. However, Bitcoin has fallen still -13% of the day and seems to be a falling knife.
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Although this is not likely to be the low point for the crypto-market, could cement this development is the dominance of Asia in the Blockchain industry.
Further market volatility in perspective
Since the US-futures are accounted for -5% before the opening bell, seems to be the week to be just as volatile as the last. In the past week, the market is within just 16 days of all-time highs in a downward trend to change positions – a new record.
The decline of -50% on Thursday for much of the crypto-market has the Potential to scare away many investors in the long run, with Bitcoin slips today, further down.
Though some claim that this was not the time for purchases, could push the coming week even further down.
At present, China is in the best position to recover from the Coronavirus crisis in their own country again. We will see whether the Premium prices of the stock and whether they indicate a new Trend.
Let’s not forget that China has pledged to block the technology as part of its “critical digital infrastructure”. So there is a voracious appetite for crypto-currencies in the country, if the government party does not permit such activities.