[2014-09-06] Yuan Trades Now Make Up Over 70% of Bitcoin Volume

[epere]

http://www.coindesk.com/yuan-trades-now-make-70-bitcoin-volume/

The majority of bitcoin transactions carried out over the last 30 days came from yuan trades, it has been revealed.

China-based exchange BTC China tweeted that a total of 71% of bitcoin trades last month could be attributed to yuan users – the Chinese market, in other words.

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[Kprawn]

The 0% fee models for trading, is the reason, they showing these figures.

The red dragons are truly showing creativity to boost BTC trade.

[bryant.coleman]

If this is true, then the prospects of Bitcoin in the immediate future is not very bright. Another Chinese "ban" and the Bitcoin exchange rate will plummet again. Personally, I am hoping for something like that to happen. If BTC ever gets back to the $80-100 levels, I'll get an opportunity to buy a few dozen coins. Also, I am investing for long term, so short term fluctuations doesn't matter for me.