You Won’t Believe Which Crypto Exchange Chinese Users Prefer!
If you are curious about the cryptocurrency exchange platform preferred by Chinese-speaking users, a recent survey from Hong Kong publication TechFlow has the answer for you! The survey, conducted this year, revealed some fascinating insights into the preferences and behaviors of Chinese-speaking crypto enthusiasts.
Binance’s Dominance in the Chinese Market
When it comes to dominating the crypto market, Binance takes the crown with more than 60% market share in various categories, such as holding the largest amounts of crypto, generating the highest revenue, and participating in the initial listings of new cryptocurrencies. The exchange was also chosen as the most frequently used platform by a whopping 96% of respondents.
- Survey conducted between May and June 2024
- Participants are Chinese-speaking
- Details are particularly intriguing in light of China’s crypto ban
Binance’s Alleged Chinese Trading Volume Raises Questions
Despite Binance being inaccessible in China since 2017 and the Chinese government cracking down on cryptocurrency exchanges, there are reports suggesting that the exchange may still have significant ties to China.
- Binance denies conducting operations in China since 2017
- Reports indicate significant connections to China
- Traders use VPNs to access Binance
OKX: The Runner-Up in Chinese Users’ Preferences
While Binance reigns supreme among Chinese-speaking users, OKX emerges as a strong contender as the second favorite exchange. Gate.io and Bitget also enjoy popularity among Chinese crypto enthusiasts, providing them with alternative options for trading and investing.
- OKX ranks as the second favorite exchange
- Gate.io and Bitget are other popular choices
- Chinese users diversify their exchange preferences
Chinese Users’ Price Predictions and Information Sources
Chinese-speaking crypto users have high hopes for Bitcoin’s price performance, with many expecting it to surpass $100k-$150k in the current market cycle. Additionally, these users heavily rely on social media platforms for market updates and stay informed through various blockchain media outlets.
- Price predictions for Bitcoin’s future
- Reliance on social media for market updates
- Popular crypto assets among Chinese users
Hot Take: The Future of Crypto Trading in China
As the cryptocurrency landscape continues to evolve, the preferences and behaviors of Chinese-speaking users offer valuable insights into the market trends. With Binance leading the pack and OKX following closely behind, the competition among exchanges intensifies, providing users with a diverse range of options for trading and investing in the digital asset space.
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