New Coinlib Data Shows Bitcoin Is Registering A Large Influx Of Yuan (CNY) Capital From China
Bitcoin Registers Large Influx Of Capital From China
The cryptocurrency market continues to grow and expand all around the world. There are several large investors that are entering the market from different countries, including China. Although there is a ban on Bitcoin (BTC) and Initial Coin Offerings (ICOs), there is an inflow of capital to the crypto market linked to the Chinese yuan (CNY).
Chinese Yuan Or Bitcoin?
According to data provided by Coinlib, Bitcoin investment coming from China has increased. The website shows that the Chinese yuan is the fifth fiat currency exchanged for virtual currencies.
The Chinese yuan has been active in the space and it registered investments of over $166 million. The largest inflow of funds to the crypto market came from Tether (USDT) the most popular stablecoin in the market. Although there are other stablecoins participating in the market, they do not represent an important part of the market.
China has been affected by a very hard government position against digital assets since 2017. Bitcoin trading has been banned in the country and this has reduced the number of Chinese investors with access to the crypto space.
Bitcoin behaved positively during the last days and users are expecting a new bull market to start very soon. Although it is not possible to predict when the bull market will start, the long term predictions for the most popular digital asset are very positive.
Now, the crypto scenario in China remains unclear and Chinese lawmakers have not given any information on whether they will be changing or not the ban that they imposed a few years ago. Although the country has been very negative about virtual currencies, the country remains open towards distributed ledger technology (DLT). China is a powerhouse in blockchain technology and the government supports the development of this technology in its territory.