- Bitcoin bulls in control, up 25 percent
- Stable coins and OTCs allow Chinese participation
Chinese traders are back. Thanks to OTCs and stable coins, traders can by-pass trade restrictions but at a premium. Overly, their involvement hints of bulls. Because of clear breakouts, it is likely that Bitcoin (BTC) would surge to $6,000.
Bitcoin Price Analysis
In China, engaging in cryptocurrency trading is illegal. However, citizens can be holders of the world’s most coveted digital asset. It is now emerging that despite the obstacles placed by the restrictive government, savvy Bitcoin enthusiasts can still invest and profit from the asset’s fluctuation.
To do so, CN Ledger, a Twitter user, says that most do buy stable coins as USDT and later convert them into Bitcoin and other cryptocurrencies via the OTC market. The demand for the stable coin force traders to buy BTC at a premium since OTCs avail USDT at 7 CNY against the normal 6.7 CNY against the USD.
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