Bitcoin Hot News
Professional traders using high-
As trade volumes reached record levels this month, according to Bitcoinity.org, opportunities exist for automatic traders to reap record profits.
Profiting From an ‘Imperfect’ Market
Zhou Shuoji, a former IBM consultant now operating Fintech Blockchain Group, a bitcoin
hedge fund and venture capital fund, said that through automated, 24-
The majority of traders are not required to disclose their profits. The government prohibited Chinese banks from trading bitcoin in 2013. Foreign firms that may be more likely to disclose earnings have a small presence on Chinese exchanges due to government capital controls.
Chen Zhenguo, a trader who founded the country’s largest platform for facilitating automated bitcoin strategies, said he has realized 50 percent gains for his own account. He did not provide information to verify his claims.
Chen, whose company, BotVS, allows clients to run live trials of bitcoin algorithms on 23 exchanges, said bitcoin has a natural advantage in automated trading. Bitcoin gained 6.9% to $890.77 at 10:18 a.m. in London.
How Long Will It Last?
The rising dominance of professional traders raises the question of how long the
Bitcoin’s price volatility has deterred some high-
In addition, concern exists about the impact of China’s regulatory crackdown. The
central bank recently conducted on-
Officials could, however, decide bitcoin is too small of a market to warrant intervention. The market value is around $13.5 billion compared to $6.5 trillion for Chinese equities.
Most of China’s automated traders focus on cross-
Automated traders can transact multiple times per second and react to price changes caused by speculators who use technical patterns to guide buying and selling decisions, according to Hayes.
Also read: This bitcoin-
Chinese Exchanges Confirm the Trend
OKCoin estimated 60% of its transactions are done by automated traders. BTC China and Huobi estimated that figure at 80% for their trades.
Neil Woodfine, COO of Remitsy, a cross-
Rather than charging transaction fees, Chinese exchanges levy a fee on withdrawals.
They also provide co-
Zhou of Fintech Blockchain Group sees more long-