Did anyone else notice CNY/BTC volume surpassed aggregate USD/BTC volume today?

[jwzguy]

This is not the first time. CNY volume has really taken off in the last 2 months! More tickers/charts need to add the rest of the CNY exchanges. Many of them only have BTCChina - which used to have ~90% of the volume, now they are typically closer to 10%.

Can't wait to see what happens when China -really- notices Bitcoin.

[DavidBAL]

This is not the first time. CNY volume has really taken off in the last 2 months! More tickers/charts need to add the rest of the CNY exchanges. Many of them only have BTCChina - which used to have ~90% of the volume, now they are typically closer to 10%.

Can't wait to see what happens when China -really- notices Bitcoin.

I think it's first time for aggregate volume. Not 100% sure because my data set doesn't cover everyday.. But only a couple data points missing. Ditto on BTCC tho

[Wary]

BTC100 is already 97% ot MtGox!

[b!z]

BTC100 is already 97% ot MtGox!

wow, amazing. china is the new us/europe when it comes to btc now.

[el_rlee]

How trustworthy are these numbers?
How can it be that the price is still under the dollar level? I remember times (before the crash) when the price on btcchina was 15% higher than MtGox. Who is selling in China and where do they have all the Bitcoin from?

[seldon]

How trustworthy are these numbers?
How can it be that the price is still under the dollar level? I remember times (before the crash) when the price on btcchina was 15% higher than MtGox. Who is selling in China and where do they have all the Bitcoin from?

I guess chinese asic manufacturers have plenty of btc..

[el_rlee]

The daily production of 3k6BTC is only a fraction of the volume traded in China at the moment. Also do they need Chinese RMB? What for? It's a non-convertible currency that nobody really wants if avoidable.

[Tirapon]

The daily production of 3k6BTC is only a fraction of the volume traded in China at the moment. Also do they need Chinese RMB? What for? It's a non-convertible currency that nobody really wants if avoidable.

The ASIC manufacturers sell the ASICs for BTC. Then they convert to RMB to spend on production.

[el_rlee]

The daily production of 3k6BTC is only a fraction of the volume traded in China at the moment. Also do they need Chinese RMB? What for? It's a non-convertible currency that nobody really wants if avoidable.

The ASIC manufacturers sell the ASICs for BTC. Then they convert to RMB to spend on production.

I guess development makes up for the bigger part in the calculation and you will have to pay that up front, before you are able to sell hardware.

[jl2012]

Be very careful when reading the volume figures of CNY markets. Some may show fake volume. For example,  www.btc008.com claims they have 8000BTC per day while the price is constantly and significantly higher than all other CNY markets

[jwzguy]

I doubt they are lying about volume. That would be obvious to anyone trading there, and would probably scare them off. One thing they might be doing is automatic arbitrage with other exchanges. It's hard to get more info without being able to read the language... I appreciate any traders there who chime in.

[mkbit88]

It's good to see rapid growth outside of the traditional markets. It can only mean good things!