ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

A Crack In the Great Wall: The Return Of OTC Cryptocurrency Trade in China



De Silva

Chinese authorities may have forced the closure of several major bitcoin exchanges, but cryptocurrency is here to stay. This week, over-the-counter (OTC) trade in Chinese yuan reached an all-time high on LocalBitcoins, demonstrating how peer-to-peer economies continue to overcome heavy-handed institutions.

As Chinese authorities renew their assault on cryptocurrency, there remains one major loophole for ravenous traders. To date, over-the-counter (OTC) cryptocurrency trade remains legal – and ostensibly unrestricted. Even while Chinese authorities force the country’s largest virtual currency exchanges to end domestic trade, the people’s republic of crypto cannot be stopped. As exemplified by the high yuan volume on LocalBitcoins, OTC trade is the people’s salvation. The peer-to-peer platform is emblematic of bitcoin itself, as citizens have bypassed government to transact with one another directly.

During the week of September 16, 2017, the volume of Chinese yuan exchanged on LocalBitcoins reached an all-time high. According to, last week on LocalBitcoins, we witnessed the exchange of more than 115 million yuan (approximately $17.4 million USD). The last time the decentralized platform experienced this level of activity was earlier in 2017, during the Chinese government’s withdrawal freeze. The freeze and uptick in OTC crypto trading coincided almost perfectly, lasting from February 2017 to May 2017. When exchanges resumed business as normal, it seems that cryptocurrency holders returned to their usual platforms (that is, until now).

Over the last two weeks, global volume on LocalBitcoins has also reached all-time highs. This can be explained in part by the size of the Chinese market itself. Also, there’s a clear upward trend in OTC cryptocurrency trading, which dates all the way back to 2013. This might be a result of the increasing price of the underlying asset (ceteris paribus, as the price of bitcoin rises, so would the volume of exchange).

In all, OTC trading has become a safe haven for cryptocurrency traders. The whims of government may change week to week or even day to day, but cryptocurrency remains a tool of the people for the people.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest PBoC, China or other Ethereum wallets and exchanges news.