Are you aware that right now High-speed traders are pulling out of China’s bitcoin market after the three biggest venues started charging transaction fees on Tuesday. One-hour volume at OkCoin fell 89 percent to 1,026 bitcoins at 1 p.m. local time, from 10,062 during the same period on Monday, according to the venue’s website. Huobi and BTC China saw declines of around 90%. Prices were little changed, at around 6,350 yuan per bitcoin. The lack of transaction fees was seen as the main reason why as much as 80 percent of bitcoin trading in China was automated. Bitcoin trading professionals were demonstrating strategies such as cross-exchange arbitrage. The platforms made money by charging clients to withdraw bitcoin, but as of Tuesday that has all changed and that old system has ended
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