February saw an iconic change in the functioning of Bitcoin markets after the Chinese Exchanges stopped withdrawals from their exchanges citing regulatory reasons. Bitcoin has been historically powered by any adverse movements in the Chinese Markets and has been majorly been a hedging ground and speculation vehicle. With the Chinese Government imposing strict restrictions on ‘Capital Flight’, Bitcoin has come under major scrutiny that prompted a closed door meeting of PBOC with top Chinese Bitcoin Exchanges. The Chinese government is skeptical that people are banking on Bitcoin to get the money out of the country and hence have enforced exchanges to stop withdrawals till the exchanges have a regulatory set up in place.
The PBOC intervention:
While the exchanges are taking sufficient time to set up the required monitoring system, they have extended the suspension of withdrawals. The dwindling Bitcoin volumes from China were an indication of how automated traders were flushed out from Bitcoin Markets and pseudo Chinese volumes were avoided. This has allowed Bitcoin’s perceived value to move closer to its real value and gave the market participants a good glimpse of the adoption status of the cryptocurrency and its true market presence. BTC China, famously known as BTCC has been optimistic about the cryptocurrency despite all the hurdles.
The wallet features and social media adoption:
BTC China’s CEO, Bobby Lee recently tweeted his prediction placing Bitcoin’s price in the range of $5,000-$10,000 by the end of 2020. To pace up the adoption and promote the cryptocurrency, the exchange has come out with interesting features for Bitcoin users. The exchange which already mints physical Bitcoins for usage, has now entered the mobile payments market. The platform- Mobi is a multi-currency mobile wallet that enables bitcoin storage and conversion. One can convert to over 100 currencies including gold and silver. The wallet has no registration process and enables users to register with the phone number associated with their mobile device.
The app enables customers to transfer every currency the platform supports to Twitter and through SMS text as well. With cryptocurrencies’ adoption relying heavily on social media publicity, this was a premeditated attempt to use it to integrate the platforms for better and comfortable usage.
“With Mobi, we are taking Bitcoin mainstream”, stated the Bitcoin start-up.