Cryptocurrencies
Controversial Crypto Coin’s Rise Fueled by China Trading Ban
- Chainalysis says Tether used in 99% of Bitcoin spot trades
- China prohibited yuan for crypto trading on online exchanges
Oct. 1: Why Tether Probably Tops Bitcoin as Most Used Cryptocurrency
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Cryptocurrency investors better not take their eyes off China, even after regulators there started to crack down on digital assets.
In recent months, over-the-counter crypto trading in China has exploded, just as Chinese spot traders began buying nearly all of their Bitcoin with the stablecoin Tether, according to a study by researcher Chainalysis Inc. Tether was used in 99% of Bitcoin spot trades in China this year, almost completely displacing the yuan, while Bitcoin trading in markets like Japan and Korea is still mainly conducted through fiat, the researcher found.