Bitcoin trading volume continued to slide on 26th January, as market sentiment showed signs it has yet to fully brush off the impact of new policies at major China-based exchanges.
Overall trading volume has declined substantially in the days since OKCoin, BTCC and Huobi began charging trading fees on 24th January, and there are signs that these exchanges are acknowledging what could be a continued issue.
Xu Qing, a spokesperson for Huobi, noted how these developments are impacting his exchange, telling CoinDesk: “The trading volume started plunging since we started charging trading fees.”
In the face of this, sentiment is “bruised,” according to Kong Gao, overseas marketing manager for over-the-counter trading desk Richfund.
He went so far as to claim that some market participants are beginning to look to other assets for improved returns, stating:
“I see many bitcoin traders going back to trading stocks.”
In spite of this lackluster sentiment and falling volumes, however, bitcoin prices did manage to notch some modest gains today, rising as much as 2.8% to $919.13.
The digital currency was slightly lower at $918 at the time of report.
China hit hard
While volumes were expected to decline on the first day of the change, what’s notable is
Read more ... source: CoinDesk
Let's block ads! (Why?)
Powered by Bitcoin Central