Kvě 29

China’s Biggest Exchanges to Add Ethereum, Other Altcoins as Demand Surges

· May 29, 2017 · 7:00 am

As altcoins continue to gain popularity throughout the world, Bitcoin exchanges in China are also getting in on the action and listing alternative cryptocurrencies.

Huobi to Support Altcoins

As the moratorium on cryptocurrency withdrawals is expected to soon end in China, exchanges in the country seem to be turning their attention to alternative cryptocurrencies. Two days ago, one of the big three exchanges in China, Huobi, announced it will launch Ethereum trading on May 31.

The announcement reads:

We are excited to announce the CNY/ETH will be listed on our exchanges. Trading will start at 12:00 May 31st (GMT +8). ETH deposit and withdrawal is available from now on.

Today, Huobi released a list of altcoins that are to be added in the future according to the rank of the coin in said list. According to Huboi’s underlying model, Ethereum, Litecoin and Ripple are the highest ranking coins following Bitcoin, followed by Dash, Zcash and Dogecoin.

Online news service cnLedger tweeted:

The list was ranked using a model created by Huobi which factors in the coin’s strategy, marketing, activity, risk and technology to calculate the relevance of the coin.

The list and underlying model can be seen in Huobi’s official announcement.

BTCC to Get In On the Action as Well

Huobi isn’t the only Bitcoin exchange in China that is to list alternative cryptocurrencies.

After a two-week poll, in which over 190k votes by the cryptocurrency community were counted, Ethereum Classic will be listed in the BTCC exchange. Bobby Lee, CEO of BTCC tweeted:

Although the exchanges employed a completely different method in which Huobi used a model to rank cryptocurrencies and BTCC used a community poll, both exchanges are interested in opening the doors for the Chinese community to invest in  alternative cryptocurrencies.

Huobi and BTCC, however, are not the first exchanges in the country to list alternative cryptocurrencies. The China-based Yunbi exchange allows users to buy and sell cryptocurrencies like Etherem, Ethereum Classic, Zcash, QTUM, Bitshares, and others. BTC38 also offers a multitude of cryptocurrencies to be bought and sold for CNY. Lastly, CHBTC also lists Ethereum, Ethereum Classic, and Litecoin.

Crypto in Asia

Although less-known exchanges in the country offer altcoin trading, most Chinese users are only familiar with Bitcoin and Litecoin, given that most cryptocurrency investors use one of the big three exchanges in the country, BTCC, OKCoin and Huobi.

China plays a big part in the Bitcoin world, ranking in the top 3 countries by daily trading volume but other countries in the continent are becoming increasingly interested in cryptocurrencies and it’s not just Bitcoin and Litecoin.

Take Japan, for example, where the recent Bitcoin law has created an accentuated demand for cryptocurrencies, making the JPY the biggest Bitcoin pair in the world by trading volume and that’s not all. Other cryptocurrencies are also gaining traction in the country.

Co-Founder of IndieSquare and Community Director at the Counterparty Foundation, stated in a recent blog post:

First, one of the unique characteristics of the Japanese crypto space is that altcoins are very popular as a means of investment and some of them have very strong and dedicated communities; some even more active than the Bitcoin community itself in a way. Among them, two of the most popular altcoins in Japan are XRP(Ripple) and XEM(NEM).

In South Korea, Ethereum and Ethereum Classic are also extremely popular, even more so than Bitcoin whose daily trading volume is smaller than that of ETH or ETC.

With China adhering to the altcoin craze, could Asia become the capital for alternative cryptocurrencies?

Images courtesy of Shutterstock.com, Twitter 

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Led 05

More Signs of Trouble in Asia: Barclays to Cut Investment Banking Jobs

Source: bitcoin


Reuters reports that Barclays Bank will announce investment banking job cuts across Asia sometime next week. The news publication’s sources said that these jobs cuts will include closures in South Korea and Taiwan. 

Also read: Grantcoin Makes Regulatory History in the US, Plans to Launch Two New Charity Programs 

These rumored cuts come after the Asian region’s failure to produce sustained growth in the post-2008 economy created a difficult business environment for investment bankers in Asia. In addition to these suspected cuts, Reuters reported on Monday that Barclays will close its Indian equities business as part of its Asian cost-cutting measures.

Barclays’ Asian cuts include eliminating corporate finance and advisory positions in South Korea and Taiwan, along with equities sales and research staff in the region. In total, Reuters’ sources expect Barclays to cut at least 50 Asian jobs.

Bitcoin Unfazed in the Midst of Asian Turmoil

This report comes in the middle of wide economic uncertainty in the Asian region, mostly due to China’s faltering economy. China struggled for much of 2015, and the developing country suffered a massive stock market crash on Monday, which effected markets across the globe.

Bitcoin is usually affected by financial worry and speculation coming from Asia — specifically China — due to the large population of bitcoin miners and traders in Asia. However, the recent turmoil has not seemed to faze the bitcoin markets, which have been chugging along in the low $430s for the last week. Even on Monday, the day of China’s stock market crash, bitcoin trading remained fairly quiet, with exchanges across the globe showing sideways activity.

What does this mean for Bitcoin? Are traders and speculators waiting for additional information from China and Asia before acting, or is there something else going on in the trading community that is making speculators ignore Asian financial troubles? It is possible that traders currently have more of their attention on internal happenings in the bitcoin community rather than the outside economy. The bitcoin community is gearing up for a block reward halving this year, with many believing that the diminished growth in the bitcoin supply will push the price upwards as demand continues to grow. Additionally, the block size debate shows no signs of coming to an end in 2016, and the issue will become more urgent as new blocks are expected to start hitting 1 MB sometime this year.

These two major issues in the bitcoin community may have traders holding onto their coins in anticipation of internal activities that will affect the digital currency more than developments in the global economy. Bitcoinist will continue to follow the situation in Asia and report on any change in the bitcoin markets that may be related to the current financial landscape in the region.

What do you think of Barclay’s rumored cuts in Asia? Let us know in the comments below!

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More Signs of Trouble in Asia: Barclays to Cut Investment Banking Jobs