China Bitcoin OTC trade rises in popularity

China Bitcoin OTC: 100m USD traded over 3 platforms in a fortnight
01 November 2017   1844

Right before the exit of most Bitcoin exchanges in China, issues a report on OTC trade against CNY.

According to the survey, over 680 million yuan worth of trading are observed on 3 platforms in 2 weeks. The report disclose statistics concerning volume, etc. Surprisingly, Coincola, a HK-based OTC platform, accounts for 70% of the trading volume, overtaking Localbitcoins and Paxful. The following text translation is provided by

At present, there are 4 OTC platforms that domestic users used most frequently (all located abroad): LocalBitcoins, Paxful, CoinCola and BitcoinWorld.  As the researchers note, the popularity of these platforms has increased significantly over the past year. In particular, a high level of anonymity and a wide range of payment systems make OTC trading more attractive for users.

The scale of BTC-CNY OTC is shown in Figure 1 (data from LocalBitcoin and Paxful). The OTC trade volume before February 2017 is relatively small. After the exchange banned Bitcoin withdrawal in early February, the trading volume grew exponentially. Then the volume dropped as exchange allowed withdrawal after June 2017. With the ICO ban and policy change in early September, OTC transactions once again prosper.

Fig.1 BTC-CNY Daily Trading Volume
Fig. 1 BTC-CNY Daily Trading Volume

From the data of LocalBitcoin and Paxful, the ratio of BTC-CNY volume rose from 5% to 20% among the total volume, which is shown in Figure 2.

Fig. 2 BTC-CNY OTC trading volume
Fig. 2 BTC-CNY OTC trading volume

Thus, the volume of exchange trading is in opposite trending with OTC trading as shown in Figure 3. Current BTC-CNY P2P trading volume is only about 1/100 of the amount of earlier phase.

Fig. 3 BTC-CNY exchange trade volume
Fig. 3 BTC-CNY exchange trade volume

By analyzing the BTC-CNY transaction data of LocalBitcoins, Paxful and CoinCola in the past two weeks, the total transaction volume of the three platforms was 680 million yuan, of which the Hongkong-based CoinCola increased significantly, accounting for up to 70%. The chart below shows the comparison of the turnover of the three platforms in the past two weeks.

Fig. 4 Trading volume of OTC Platforms
Fig. 4 Trading volume of OTC Platforms

Thus, the report shows that the OTC trading is growing day by day with further development of Bitcoin. 

Franck Muller to Create Encrypto Bitcoin Watch

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand
23 May 2019   81

The Swiss luxury watch maker Franck Muller, in partnership with the cryptocurrency trading platform Regal Assets, launched Encrypto, the world's first functional bitcoin watch. This is reported by the Coindesk.

The main feature of Encrypto will be the possibility of "deep storage" of Bitcoin. So, along with the watch, customers will receive a USB wallet containing a private key to the wallet, the public key is applied to the watch face.

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand is also available in the online store of Franck Muller, as well as in the company store in Dubai. Along with traditional credit card and bank transfer, you can buy them for Bitcoins.

The company also reported that they are considering the possibility of issuing such watches with the support of other leading cryptocurrencies, including Ethereum and XRP.

In the beginning of the year it became known that the Swiss watch manufacturer A. Favre & Fils is developing a handmade mechanical watch with a built-in cryptocurrency wallet.