The number of bitcoin purchases in China has achieved an all-time high on the Paxful peer-to-peer crypto market despite Wechat and Alipay banning the sale of bitcoin through their applications.
The above graph shows a large spike in volume for bitcoin purchases after the Wechat and Alipay crackdown. The volume reached 10,094,298 for the week of 2019/10/19, which is a significant increase over previous months.
WeChat banned bitcoin and other cryptocurrencies from being transacted on its platform in May, which came into effect with changes to the social media giant’s payments policy.
Alipay most recently banned Bitcoin near the start of this month. The reasoning behind the ban for Alipay was to stop illicit transactions from being made on the its platform.
Hamish has a master’s degree in behavioral finance from the University of Waikato, New Zealand. When not studying the charts he can be found exploring the great outdoors. Contact: email@example.com.