Bitcoin exchange markets of the US and Japan, which control over 66 percent of the global bitcoin exchange market with a combined daily trading volume of $246,7 million, have led bitcoin price to its new all-time high once again, at $1,567.
According to various bitcoin exchange data market providers, with the exception of China, four of the five largest bitcoin exchange markets and their trading platforms have demonstrated a relatively stable trading value at around $1,560 in the past 24 hours.
In actuality, it can be argued that bitcoin price is currently being undervalued by the global exchange market due to the instability in the Chinese exchange market. Ever since local authorities and the People’s Bank of China significantly tightened Anti-Money Laundering (AML) and Know Your Customer (KYC), traders moved away from regulated markets to over-the-counter (OTC) markets. Such major migration of users led to a decline in demand toward local exchanges and bitcoin price in the Chinese market hovered around the $1,200 since then.
As of today, bitcoin is being traded in the Chinese market
Read more ... source: CryptoCoinsNews
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