The cryptocurrency market grows with respect to market value and stability, when major investments come in. Bitcoin [BTC], the largest cryptocurrency in the sphere, reportedly experienced an influx of China’s fiat currency, despite the country’s ongoing trade ban.
According to data from Coinlib, Bitcoin investments in China rose as the valuation of the cryptocurrency improved. Statistics released by Coinlib showed that the capital inflow into Bitcoin, in terms of Chinese yuan [CNY] placed the fiat currency in the top fiat currencies invested in the crypto ecosystem.
Chinese yuan [CNY] was highly active in terms of cryptocurrency investment. At press time, the Chinese fiat currency registered investments of around $166.49 million in Bitcoin, and Ether witnessed a capital inflow of $75 million in the same period.
The increased involvement placed China in the second position, behind the US dollar, in terms of fiat currency invested in the virtual currency world. The largest inflow came from the stable coin, Tether.
The crypto ecosystem in China was under the spotlight lately. Bitmain, China’s proficient Bitcoin mining company, recently announced major cost-cutting regulations, following the dawning of the crypto-winter.
However, the price valuation of Bitcoin improved recently, and traded at around $4000, at press time. The present improvement might have trigger renewed interest from Bitcoin’s former biggest investment market.
However, the cryptocurrency scenario in China remains unclear. Chinese lawmakers have not given any indication to revert or revisit a decision from 2017.
In 2017, Chinese officials decided to outlaw all legal trading options for local residents. The utilization of blockchain technology remains legal, perpetuating the practice of cryptocurrency holding.
Original story: https://ambcrypto.com/bitcoin-btc-witnesses-huge-influx-of-capital-via-chinas-fiat-currency/by