Underground Crypto Market in China is Thriving
China’s stock market has been falling for three years. Therefore, many Chinese investors are turning to bitcoin (BTC) and other cryptocurrencies as a safer investment option compared to the struggling stock and property markets in the country. One investor, Dylan Run, saw his crypto investments increase by 45% after moving some of his money into crypto. He now owns about 1 million yuan ($141,100) in crypto, half of his investment portfolio.
Despite China’s ban on cryptocurrencies, the underground crypto market in the country is thriving. Daily trading volumes run into several million yuan or even dozens of millions, according to Michael Wang, a dealer who helps individuals buy crypto. Investors in China navigate this grey area by trading on crypto exchanges like OKX and Binance or using other over-the-counter channels. Some even open overseas bank accounts to purchase crypto.
Aptos’ On-Chain Data Capabilities Expand with Integration of Dune, Nansen, and More
The Aptos Foundation has announced partnerships and integrations with several data providers including Dune, Nansen, Space x Time, Token Terminal, DappRadar, The Tie, Flipside Crypto, and Elliptic. These collaborations aim to make decentralized data more accessible for users and developers within the Aptos ecosystem. The partnerships will also simplify data standardization and improve dapp searchability on Aptos.
Bashar Lazaar, Aptos Foundation’s Head of Grants & Ecosystem, stated that these partnerships enable protocols and projects to transition to a multichain operation or migrate from a previous platform to Aptos. The foundation plans to expand its partnerships throughout the year.
BitMEX Unveils New Margin+ Program
BitMEX has launched a new program called Margin+ to cater to advanced traders seeking enhanced collateral and increased trading capacity. Margin+ offers extra tether (USDT) or bitcoin as collateral, allowing top traders to execute larger positions and orders without requiring additional capital. This program is designed for non-directional traders with strategies involving larger positions or more frequent trades.
Traders who opt for Margin+ must meet specific trading obligations, including maintaining a minimum balance and adhering to Maintenance Margin Ratio (MMR) standards. The program aims to promote responsible trading practices, prevent margin calls, and safeguard against liquidation.
Hot Take: The Thriving Underground Crypto Market in China
As China’s stock market continues to decline, Chinese investors are turning to the underground crypto market for safer investment opportunities. Despite the ban on cryptocurrencies in the country, investors are finding ways to trade on exchanges like OKX and Binance or through over-the-counter channels. This thriving market is driven by the desire for growth opportunities and the recognition of bitcoin as a safe haven asset.
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