One country dominates the global bitcoin market – Business Insider UK

bitcoin atm
take pictures in front of a mock bitcoin ATM during the opening
of Hong Kong’s first bitcoin retail store February 28,


Almost all bitcoin trading is done in China.

The share of the cryptocurrency that’s traded via China’s
mainland currency escalated over the past few years,
overtaking the US dollar as the dominant currency. From less than
a 10% share in January 2012, the yuan now makes up nearly 100% of
all bitcoin trading.

Bitcoin surged 120% last year,
every other currency in the world. It kicked
off 2017 by
rising above $1,000
for the first time since 2013.

Those moves were made possible largely
because of China

Volumes of bitcoin trading increased as China’s foreign reserves
shrank, by about 8% to $3.05 trillion in 2016. Meanwhile,
the yuan weakened against the dollar, hastening the rush of money
out of the country and increasing interest in bitcoin.

Last week, the cryptocurrency came under pressure after
China announced it was
investigating exchanges
in Beijing and Shanghai on suspicion
of market manipulation, money laundering, and other issues.

As of 8:34 a.m. ET on Wednesday,
bitcoin traded down
4.8%, or $43, near $862 per
coin. It jumped above $915 late Tuesday night but
struggled to take out resistance in the $880/$920

This chart shared by Deutsche Bank shows the staggering rise of
China as the dominant trader of bitcoin:Screen Shot 2017 01 18 at 8.59.57 AMDeutsche

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