Trading at three of China’s largest Bitcoin exchanges decreased substantially after regulators implemented transaction fees

Briefing

February 28, 2017

Briefing	Major Traders Pullout – High-speed traders backed out of China’s bitcoin market after three biggest bitcoin exchanges implemented transaction fees on January 24, 2016, which made trading unprofitable Decline in Major Bitcoin Exchanges – OKCoin, China's biggest platform, saw 89% decline in volume, from 10,062 bitcoins on January 23, 2016 to 1,026 bitcoins the following day, while Huobi and BTC China went down 92% and 82% for same period, respectively Regulatory Scrutiny – Government cracked down on speculated automated trading that occurs in 80% of bitcoin transactions, with high-speed traders using strategies such as cross-exchange arbitrage
Accelerator	Web3 Ecosystems, Tokens and Consensus Mechanisms
Market Disruption	Innovation, Competitiveness and Trade, New Payment Technologies
Sector	Financial Services, Information Technology
Organization	BTC China, Huobi, OkCoin
Source	"Trading plunges at China’s bitcoin exchanges after fees levied," Bloomberg, https://www.bloomberg.com/; AcceleratingBiz analysis
Original Publication Date	January 24, 2017

Related Briefings

Turkey announced it will produce first domestic electric vehicle by 2022, with plans to invest $3.7 billion

January 22, 2020

U.K. Ministry of Defence launched competition for artificial intelligence (AI) systems designed for warships, part of wider Intelligent Ship project

January 16, 2020

Indian consulting firm InfoSys launched three blockchain distributed applications for government services, insurance and supply chain management

December 23, 2019

Europe’s central banks proposed central bank digital currency (CBDC) that will allow for private transactions while complying with anti-money laundering (AML) checks

December 19, 2019

Italy announced plan for country’s digital growth by 2025, through digitization of services, supporting innovation, as well as inclusive development

December 18, 2019

Go to page

Related Proof Points

Global Companies’ Top Barriers to Blockchain Adoption

April 2, 2019

Online Payment Methods Used By Global Consumers

March 27, 2019

Companies Hiring Staff with Blockchain Experience in Selected Countries

March 26, 2019

Expected Company Adoption of Technologies by 2022

March 18, 2019

Global Executives’ Perception of Most Advanced Industry in Developing Blockchain

March 13, 2019

Go to page

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Leave a comment