RATE Group | China’s BTC Volume on LocalBitcoins Hits 2-Year Low
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China’s BTC Volume on LocalBitcoins Hits 2-Year Low

27 Jan China’s BTC Volume on LocalBitcoins Hits 2-Year Low

Posted at 19:50h in Bitcoin News by

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China’s Bitcoin (BTC) trading volumes have continued to drop, hitting a two-year low on peer-to-peer exchange LocalBitcoins.

According to Bitcoin statistics website Coin Dance, China’s BTC trading volumes have been gradually dropping from late 2019 to the present, touching to their lowest weekly volume in more than two years.

During the week ending on Jan. 25, China traded just about 4.5 million yuan ($648,000) on LocalBitcoins, down over 90% from the intra-year weekly high of more than 45 million yuan ($6.4 million).

The all-time high of China’s weekly Bitcoin trading on LocalBitcoins was hit in January 2018, and accounts for 168.6 million yuan ($24.3 million).

Weekly LocalBitcoins volume for Chinese yuan. Source: Coin Dance

Weekly LocalBitcoins volume for Chinese yuan. Source: Coin Dance

China’s blockchain-not-Bitcoin approach

China’s new Bitcoin trading volume low comes just three months after President Xi Jinping urged the country to accelerate the speed of blockchain adoption in late October 2019. According to data from Coin Dance,…

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