Controversial Crypto Coin’s Rise Fueled by China Trading Ban
Cryptocurrency investors better not take their eyes off China, even after regulators there started to crack down on digital assets.
In recent months, over-the-counter crypto trading in China has exploded, just as Chinese spot traders began buying nearly all of their Bitcoin with the stablecoin Tether, according to a study by researcher Chainalysis Inc. Tether was used in 99% of Bitcoin spot trades in China this year, almost completely displacing the yuan, while Bitcoin trading in markets like Japan and Korea is still mainly conducted through fiat, the researcher found.