And while she rose China Trading ban Cryptocurrencies In 2021, however, many residents of the country continued to use offshore accounts and exchanges to buy and sell Digital currenciesThis is partly due to avoiding capital controls and moving assets abroad.
A market analyst told Bloomberg that Tether’s USDT stablecoin is considered… Cryptocurrency The most widely used in the world, it has sometimes traded at a discount to the dollar since the end of September. The emergence of the discount coincided with a series of facilitative measures taken by the bank Chinese Central Bank With the aim of halting the deterioration of the economic outlook that led to the rise Stock prices.
Stablecoins are cryptocurrencies whose value is usually tied 1-to-1 to assets such as the dollar. They are used to conduct transactions as a haven from the often volatile prices seen in symbols such as Bitcoin.
The CEO of the Hashkey cryptocurrency exchange said in his statements to Bloomberg, “If traders are rushing to exchange again for fiat currency, it can be inferred that they are buying Chinese stocks out of panic.”
While it is difficult to measure the amount of USDT selling pressure on exchanges from Chinese investorsHowever, other platforms provide a clearer picture. The market provided by Binance shows that Chinese yuan traders are offering OTC rates in the range of 6.78-6.98 per yuan per USDT, while the offshore yuan is trading at 7.07 per dollar on the traditional cryptocurrency market.
Blockchain analytics firm Chainalysis estimates that over-the-counter brokers in… China They are attracting “unprecedented” inflows this year, a sign of strong demand from Chinese investors for cryptocurrencies despite the ongoing ban.
