SHANGHAI (Sept 29): Weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead. In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges. They say you are protecting me, but as long as I think this is good, they have no way to intervene,” said a Chinese bitcoin investor named Victor, who declined to give his full name citing current sensitivities. On OTC platform LocalBitcoins, China trading volumes more than doubled in the week starting Sept 16 from the previous week to 74 million yuan. The Sept. 4 shutdown of ICOs stipulated that Chinese citizens were not allowed to invest in ICOs.

Source: The Edge Markets September 29, 2017 07:41 UTC