Hey China, where is all the volume gone?
Today, the 24th of January, at 12:00 Beijing time, all major Chinese exchanges have started charging 0,2% trading fee.
As a result, most of the volume from OkCoin has disappeared. A similar scenario can be seen on Huobi exchange.
On the one hand, many bitcoiners are content that the “fake” volume is gone; traders can no longer sell or buy to themselves without getting charged, which means that it is a lot more expensive to try to manipulate the markets. On the other, less volatility could mean less interest from traders.
I believe China will continue to dominate the market, since they have most of the mining farms and even though the volume will fall, it will still represent the largest portion of bitcoin daily trading.
I would like to read your opinions on this matter, is the elimination of “fake” volume from china good, bad or is it indifferent?
p.s: I created this post using #busy and I must say I am impressed by their editor and the overall look of the website.
I've read somewhere that the Chinese love super volatile stuff. If that's the case, will this lower demand for bitcoin? I think that's possible. Maybe they'll come and trade on the internal STEEM market instead. We still have no fees. :)
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It would surely be nice to know what the reality is.
From what I heard today, the volume has shifted to Japan.
Check out this post:
https://steemit.com/bitcoin/@marketingmonk/zero-fee-bitcoin-trading-moves-from-china-to-the-uk-what-are-the-implications-the-cryptoverse-193