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Bitcoin prices are trading somewhat lower today. After reaching a high of $654 on Tuesday, BTC/USD gave back some of the gains and fell to a swing low of $625. From here, everyone’s favorite virtual currency rallied back to a high of $647.79. We are currently trading in no man’s land at $637 a piece on BTC-E. Here is the price action of the last two days.
The largest bitcoin exchange by trading volume took to Reddit to promote their new offer to an international audience. OKCoin, based in China, answered questions from Redditors about their large volume, the MtGox takeover bid and the current bitcoin situation in China. Representatives of the exchange described the Chinese BTC landscape as ”very strong” and added that ”there are more bitcoin exchanges in China than anywhere else in the world, some with very large volumes, and user base, like OKCoin. Bitcoin is NOT banned in China, it is completely legal to own and buy bitcoins in China.”
When asked if the exchange plans to introduce USD trading, OKCoin said that ”We’re working as hard as we can to add USD trading, but the English support will arrive before the USD support does.” Naturally, one of the most asked question was about OKCoin’s massive volume: ”It all boils down to the zero-fee trading model. Because we don’t charge our users any fees for trades there is a lot of HFT(High Frequency Trading) taking place. This leads to the “bloating” of our numbers.” You can read the rest of the questions and answers on this Reddit thread.
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July 03, 2014 at 01:44AM
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