Despite Drop in Volume, Traders Stick With China’s Bitcoin Exchanges

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Despite the fact that major Chinese exchanges have seen their bitcoin volumes take a hit after introducing trading fees, these bourses still stand out as some of the top marketplaces when ranked by volume, according to market data.

OKCoin, BTCC and Huobi experienced significant declines in trading volume after they began charging fees, beginning on 24th January.

The decision to charge these fees built upon their earlier move to eliminate margin trading – two developments which thus far have had a clear impact on the market. The shift came amid scrutiny from Chinese regulators, including the country’s central bank.

Not only has trading volume fallen, but volatility has been subdued, with bitcoin prices trading in a tight range between $885 and $905 on 25th January, CoinDesk Bitcoin Price Index (BPI) figures show.

Top exchanges

Following the market’s recent shifts, OKCoin and BTCC emerged as top exchanges for trading activity on 25th January, reporting 15.1k BTC and 12.56 BTC worth of volume during the 24 hours through roughly 21:00 UTC on that session, according to data from Bitcoinity.

Market data for Huobi, another major Chinese exchange, was not available on Bitcoinity at press time.

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These 24-hour trading volume figures

Read more ... source: CoinDesk

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