Bitcoin price differs from global market in China. In the Chinese OTC markets, Bitcoin is sold at a higher price than the global markets. A leading Chinese cryptocurrency expert said he saw this for the first time on a bear market.
China, the first country where coronavirus cases occurred, is rapidly healing its wounds. The improvement in coronavirus in the country seems to have been reflected in the local cryptocurrency market.
First time I’ve seen such big Chinese OTC premium during a technically Bitcoin bear market
This can be part of the new paradigm pic.twitter.com/5T85WL1WCJ
— Dovey "Rug The Fiat" Wan (@DoveyWan) March 16, 2020
Dovey Wan, co-founder of Bitcoin investment firm Primitive Ventures, reported that Bitcoin trading was conducted at above-average prices in China. Wan emphasized that it was the first time that he saw such a big difference technically in a bear market.
On over-the-counter (OTC) platforms like Huobi OTC, OKEx OTC and LocalBitcoins, Bitcoin is trading at a significantly higher price than other exchanges.
For example, the average price in the Huobi OTC in the last 24 hours was 39541. This is approximately $ 5650. In the same minutes, the global average was around $ 5330.
Bitcoin has experienced rough fluctuations today with the effect of volatility in global markets. The leading cryptocurrency saw $ 4435 today, as it went up to $ 5965 during the night, and is changing hands at $ 5060 in minutes of the news.