Yesterday it was reported that BTC China had reinstated yuan denominated bank deposits for its customers. The news came after a greater than one month suspension of direct bank deposits that limited users to transferring funds through a merchant voucher system.
With deposits back to normal, and BTC China’s CEO stating that he didn’t believe his company would be affected further by current rules created by the Peoples Bank of China (PBOC), customers haven’t taken too long to jump back aboard at the exchange with volumes up 8X from the previous month’s averages. According to statistics from Bitcoinity, over the last 24 hours, volumes at BTC China have reached over 40,000 BTC. This compares with the previous 30 days which were only slightly above 150,000 BTC, averaging about 5000 BTC a day. Before temporarily suspending yuan bank deposits, BTC China had solidly held the pole position among global bitcoin exchanges by volume. As such, it’s not surprising to see interest return in the exchange, but the speed at which BTC China has regained its momentum shows just how popular the venue is in China.
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Being affected negatively by the news is rival Chinese exchange Huobi. According to current data from Bitcoinity, Huobi volumes are about 30% of what they have averaged over the past 30 days. There has been some questions as towards the accuracy of Huobi’s volumes and whether the exchange was trading internally to boost its transaction numbers. The shift back to BTC China and immediate affect to Huobi activity may represent that at the very least a substantial portion of volumes at Huobi were in fact customer driven.