Chinese Exchanges No Longer Dictate Global Bitcoin Price

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For the first time in a while, the bitcoin price is no longer dominated by the Chinese cryptocurrency exchanges. Whether or not this is a positive development remains to be seen. Then again, changes to the bitcoin ecosystem can be quite positive. Less reliance on China means there will be slightly more decentralization moving forward. Right now, Bitstamp is the platform with the highest bitcoin price, whereas the first Chinese exchanges ranks in the fifth spot.

For as long as most people can remember,China has always determined the current bitcoin price. Although this has always been some of an issue, very few people seemed to mind it in the first place. Now that the PBOC has introduced several new requirements, the true power of the bitcoin market is coming into focus. As it turns out, demand for bitcoin in China is much lower than anticipated, albeit that may have to do with theAML changes.

With nearly every major bitcoin exchange delaying bitcoin withdrawals, the demand to buy cryptocurrency wanes as well. OKCoin and Huobi postpone withdrawals for 30 days, whereas BTCC implemented a 10-day delay. HaoBTC is the only platform not suffering from such extensive

Read more ... source: NewsBTC USA

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