• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Why Bitcoin (BTC) is Back on the Rise in China Despite Crypto Ban

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 4min read
Why Bitcoin (BTC) is Back on the Rise in China Despite Crypto Ban
Advertisement
Nexo Logo
Listen to Article

Believe it or not, China was once the de-facto capital of Bitcoin (BTC). The nation, after all, spawned Bitmain and many early crypto asset investors, presumably due to the culture of risk, speculation, and technological development.

Related Reading: China Banned Everything Bitcoin, Video Games Seem To Be Next

But, ever since the ban on cryptocurrency trading, certain industry-related events, and the censoring of specific online forums and websites, the topic has been on the decline in the nation.

However, this changed with the recent surge in the Bitcoin price. According to statistics from a number of sources, crypto assets are trending in China after a long lull, despite the restrictions on the discussion about and investments in the budding asset class.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Returns to the China Spotlight

China’s Bitcoin ban has been very nebulous. Those situated outside the nation and the local cryptocurrency space find it difficult to determine what is banned, and what restrictions are in place.

According to a recent tweet, the ban on foreign exchanges hasn’t been working all too well. In fact, local source cnLedger recently pointed out that according to a number of “online data service providers”, a crypto asset-related app is trending on China’s iOS App Store.

Exchange giant Huobi’s mobile application is now, according to the sources, the seventh most searched for keyword in the aforementioned marketplace. Considering that Apple sells some 40 million handhelds each year, this is quite the statistic. This implies that tens of thousands, maybe more, were (and are continuing to) searching for the crypto app.

Bulls are back? According to online data service providers (such as Qimai and Kuchuan), crypto app Huobi is now the 7th hottest searched keyword in Chinese iOS App Store.

Data source (in Chinese):https://t.co/Xiea2kI5L6https://t.co/nJSqY6p9mW

— cnLedger (@cnLedger) June 24, 2019

This data point has been somewhat corroborated The Block’s Larry Cermark, who pointed out via Twitter that “Google searches” for exchanges that cater to Asian (mostly Chinese) demographics have seen an uptick in volume. So, while Binance, Coinbase, Bitfinex, and so on have seen little increase in volume, OkEX and Huobi have seen relative explosions.

Related Reading: Financial Analyst: Current Correction is Healthy if Bitcoin (BTC) Support Found Above $10k

Simultaneously, WeChat keyword analytics have accentuated a massive uptick in the volume of “Bitcoin”. More specifically, as Twitter user Louis Aboud-Hogben notes, the past ninety days have seen keyword volume for the Chinese term for “Bitcoin” skyrocket by five times.

It’s a bit creepy that this statistic is available, we know, but it is important to show that Bitcoin awareness is growing once again in China.

Chart Courtesy of @louaboudhogben on Twitter

And to put a cherry on the proverbial Bitcoin cake, Aboud-Hogben notes that on China’s Google, Baidu, the Chinese term for Bitcoin is up over three times from the six-month median, hinting that the “[crypto] market is a lot hotter in China right now versus the west.”

What’s also interesting is that much of this volume is being registered from servers in and around Shenzhen and Hong Kong, the technology and financial capitals of the region. This may also have something to do with the demonstrations going on in the latter city, which have sparked rumors that the wealthy are sequestering away their wealth into Bitcoin.

So, what exactly is causing this monumental uptick in cryptocurrency interest in a nation where most of crypto-related activities are frowned upon? Here are the two most likely catalysts.

Capital Flight

While some analysts have vehemently denied the narrative that Bitcoin is seeing inflows from Chinese investors due to the trade spat, a state-run media outfit has, itself, published a comment lauding BTC as a safe haven.

The surprising article, oddly penned by the government-endorsed Xinhua News Agency, claimed that Bitcoin is rapidly proving that it is viable as a store of value. Xinhua did this by contrasting Bitcoin’s recent price action (some 230% since December’s bottom) and the fact that global markets are on the edge of a precipice, citing trade wars and the endless array of negative macroeconomic signs.

It is likely that this article, rhetoric pushed by local investors in crypto-friendly chat groups, and common sense has pushed investors to look for Bitcoin once again as they look to something to put their money in, and fast.

Launch of Libra

Like most nations across the globe, China, too, was presumably subject to FOMO when Facebook unveiled Libra alongside major corporate partners, which include Spotify, Uber, PayPal, Visa, Coinbase, and so on and so forth.

The hype regarding the asset was presumably kicked off by comments from China’s tech tycoons. Pony Ma, the founder of Tencent, for instance, publicly noted that Facebook’s technology, likely referring to blockchain, is “very mature”.

Ma’s peer, Wang Xiaochuan at another local technology giant, lauded Facebook’s vision for “Internet 3.0”, touching on the company’s “global vision, broad alliance[s], and endorsement of its 2.7 billion users.”

Pony Ma, founder of Tencent, comment on Facebook's #Libra: The technology is very mature, not difficult at all. It just depends on whether or not the regulation allows it.

— cnLedger (@cnLedger) June 19, 2019

With mentions of Libra, many analysts have claimed that it is only logical for the public to make the step to Bitcoin. This is presumably what is occurring in China, as locals realize that BTC has some staying power after all and that digital monies may have a viable future. The odd thing is, China is likely going to be the first country to ban the use of Libra.

Featured Image from Unsplash
Tags: bitcoincryptoindustry
TweetShare78
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

5 hours ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

5 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

5 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

6 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

7 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

1 week ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

AC Milan to Join Sports Crypto Movement With Launch of $ACM Fan Token

January 19, 2021

Institutional-grade Crypto Exchange AAX Reports Record Fiat-Crypto Purchases in 2021

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.