Chinese Buyers Have Stopped Buying Bitcoin With CNY

Soon after Chinese regulators started to impose restrictions on buying bitcoin with Chinese yen, Chinese traders started buying bitcoin in other currencies(mostly in JPY), and on exchanges that are not based in China.

 

This is why the recent crackdown on exchanges in China won’t have a big effect on Chinese buyers. Only if Chinese authorities are able to stop Chinese traders from buying bitcoin on other exchanges (in foreign countries) will this ban have an effect on bitcoin price and bitcoin trading volume.

Chinese traders have already found ways to buy bitcoin in different markets, and probably aren’t coming back.

 

Photo Souce:

https://www.cryptocompare.com/coins/btc/overview/CNY

https://www.cryptocompare.com/coins/btc/analysis/USD

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