Uncertainties in China strengthen LocalBitcoins

Recent developments in the Chinese market have led to short-term price cuts in recent days, but chaos seems to be a quiet winner: the LocalBitcoins platform.

Buy Bitcoin locally

The Chinese market faces chaos and spongy statements. Initially, the translations of the Chinese newspaper Caixin showed that trade with crypto was temporarily interrupted. In our German community too, these messages have led to nervousness and resentment.

But: currently it seems to have turned that the People's Bank of China (PBOC) makes a small but significant difference between the coins. Thus, only the tokens created by the ICOs are affected by a temporary ban, as these, according to the PBOCs, sentence illicit crowdfunding. Crypto in general are not prohibited, but official representatives need to be more specific about the situation.

The image published by @cnLedger on Twitter is intended to show the tokens of the ICO concerned and on which changes that should have been prohibited. While on official exchanges the trade declined, new peaks were shown on the volume of weekly trading LocalBitcoins.

The platform reached its last highs only in February this year, when trade on crypto exports had to be temporarily abandoned. LocalBitcoins allows you to buy locally Bitcoin. Users log in, submit a request or offer, make a meeting point and trade.