China’s Resurgent Stock Market is Seeing Profits Flow Into Bitcoin
China is returning to Bitcoin investment despite its ongoing trading ban, data suggests this week as the Bitcoin price holds higher.
Yuan No.2 Entry Fiat Currency
Statistics got by monitoring resource Coinlib showing capital inflow into bitcoin and other cryptocurrencies puts the Chinese yuan (CNY) in the top entry currencies.
For the 24 hours to press time, CNY inflows into bitcoin topped the equivalent of $165 million, with Ether, the largest altcoin, seeing just under $75 million during the same period.
That performance puts China second out of the fiat entry assets, predictably behind the US dollar, while by far the largest inflows come from cryptocurrency stablecoin Tether
Crawling Out Of The Pit?
The figures come at a time when China’s Bitcoin-focused economy – specifically mining giants – appear to be emerging from six months’ retraction.
As Bitcoinist reported, entities such as Bitmain had announced major downsizing and cost-cutting initiatives on the back of the Bitcoin price 00 falling from $6500 to $3100 last November.
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