Chinese Investors Return to Bitcoin with Yuan Being Second Entry Fiat Currency

[vit05]

https://news.8btc.com/chinese-investors-return-to-bitcoin-with-yuan-being-second-entry-fiat-currency



The cryptocurrency market has seen a surge of capital in Chinese yuan (CNY) inflow, making the currency in the top entry fiat currencies close behind U.S. dollar in the past 24 hours.

Data from Coinlib shows that $161.7 million worth of Chinese yuan pour into the bitcoin market, followed by $74 million into Ethereum and nearly $20 million into Stellar. A total of $255 million worth of CNY-crypto pairs in the past 24 hours has make CNY the second entry fiat currency into crypto economy after the U.S. dollar.

Unfortunately, it is very difficult to understand the legislation and intentions of the Chinese government. But it may be that the Chinese population is safer to invest in Bitcoin through p2p.

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[palle11]

Just like you said it is difficult to read the mind of the Chinese government as it has to do with cryptocurrency but I think they are gradually closing up the gap after they made the statement of banning btc and ICO in their country in 2017.

[stfN2128]

Interesting graphic, thanks for sharing. Good to see investors from china coming back. The fundamentels for crypto getting better day by day. Its just a matter of time when the big money will come into cryptos.
maybe its the buttom or maybe its going lower.... but in the longterm bitcoin will rise again. Altcoins with a real usecase also, shitcoins get washed out

[ajaymukund]

I think they have realized the potential of altcoins. China is a great power and it seems to be supporting the development of blockchain technology and wants to gain a major advantage in the crypto market before Americans join.
This is a wise strategy from them. The future of crypto will determine China's power.

[Furious 7]

This is very interesting. China always gives a surprise, I'm sure this is good news. maybe I will say China will become a new giant for the Crypto world.
we just wait for the positive effects, as usual.

[Kemarit]

Just like you said it is difficult to read the mind of the Chinese government as it has to do with cryptocurrency but I think they are gradually closing up the gap after they made the statement of banning btc and ICO in their country in 2017.

I think is not about the Chinese government per se, maybe those rich Chinese investors have a lot of extra money and where do they gonna put it? Of course the one that they love the most which is Bitcoin. Or maybe most of them are really hedging because of the US-China trade talks which is going to extend in April. So let's see how it goes. It's a smart move by the way, but we all know the Chinese government doesn't want to see this so it's gonna be interesting what they are going to do if they read this news.