It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. However, this was not the end of the restrictions. Beijing News reported that executives of Chinese Bitcoin trading platforms may not leave the country, per industry insiders.
Yet, it seems like cryptocurrency is here to stay. This week, as reported by ethnews.com, over-the-counter (OTC) trade in Chinese yuan reached an all-time high on LocalBitcoins, demonstrating how peer-to-peer economies continue to overcome heavy-handed institutions.
For now, OTC cryptocurrency trade remains legal and unrestricted. The peer-to-peer platform is emblematic of Bitcoin itself, as citizens have bypassed government to transact with one another directly.
Weekly LocalBitcoins volume on coin.dance
During the week, the volume of Chinese yuan exchanged on LocalBitcoins reached an all-time high. According to coin.dance, last week on LocalBitcoins, the exchange of more than 115 million yuan (approximately $17.4 million USD) could be seen. On top of that, over the last two weeks, global volume on LocalBitcoins has also reached all-time highs.
Bitcoin price charts on coinmarketcap.com
Meanwhile, at the time of writing, Bitcoin price is about $3908.84, its market capitalization is $64,841,890,061, which allows the cryptocurrency to hold the first place in the list.