Chinese – US Exchange Price Discrepency

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Right now, BTC China, Huobi, and OKCoin are all trading at ¥6744 average, with US Bitstamp, Bitfinex, Coinbase, and Gemini trading at average of $1011.

According to Xe.com, ¥6744 is equal to $981 USD, trading a whole $30 USD equivalent less in China than the US average.

In the past, weren't the Chinese exchanges typically higher in value than their US counterparts? (Before both the recent BTC withdrawal block, and before margin trading was essentially banned).

Also.. is it possible the reason the US exchange rate has hovered in the $1010 area for so long (Last 3-4 days) been from Chinese users dumping their BTC to USD instead of Yuan on US exchanges? This would be more profitable, if they were able to set up exchange and bank accounts, as it's trading $30 more. The price maybe has remained constant just to to them selling around the $1000 physiological number barrier and they have continued to dump since Thursday's ban, perhaps taking time to get US Exchange accounts set up. Once this dumping is complete, or minimized, perhaps we'll get back on the rollercoast/rocket ship ride?

submitted by /u/woodburyman
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1 Bitcoins

Bitcoin News and Search

1 News - 247 News - 247 Bitcoin - 1 Search


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