China’s cryptocurrency market remains an important point of global attention despite strict regulations. Over-the-counter (OTC) crypto brokers in the nation have allegedly received over $75 billion in funds, according to Chainalysis. If China changes its stance towards digital assets, an altcoin rally might happen.
Notably, DTX Exchange (DTX) and Dogecoin (DOGE) would benefit from such a rally, which is underpinned by their massive growth potential and increasing use cases.
Over-the-counter (OTC) cryptocurrency desks in China have supposedly attracted tens of billions of dollars from investors despite the country’s increased crackdowns on the digital assets sector.
Citing Chainalysis data, Bloomberg recently reported that the OTC brokers in China have attracted $75 billion worth of funds in the past nine months.
For a little context, in 2021, the Chinese government banned crypto mining and trading. According to Bloomberg’s report, Chinese crypto traders use over-the-counter or peer-to-peer (P2P) trading strategies to escape detection.
The report highlights that 55% of OTC crypto transactions in China were over $1 million, although it is unclear whether these trades were executed by businesses or individuals.
According to the cybercrimes research lead at Chainalysis, Eric Jardine, these services invariably fall in a gray zone of the Chinese economy. If the situation does not change in China, OTC services will keep growing.
Anonymous people who know about this matter explained to Bloomberg that these payments were used to settle cross-border payments with Russia, too. Nonetheless, a senior policy adviser at blockchain intelligence firm TRM Labs, Angela Ang, said Chinese watchdogs may struggle to manage and police international payments.
Market experts believe that if China changes its stance positively in the coming years, it will result in an altcoin rally.
Based on ISDA’s data, the size of the global over-the-counter (OTC) derivatives market reached around $714.7 trillion at the end of June 2023. DTX Exchange is a new entrant in the space, and it aims to capitalize on and exploit the growth of the industry.
Unlike traditional finance (TradFi) crypto exchanges that are centralized, users are not limited only to digital assets when using the new DTX Exchange. They can trade different asset classes from traditional finance to Web3.
DTX Exchange has over 120,000 assets, including stocks, gold, bonds, indices, and crypto. The exchange will also integrate the positive features of decentralized and centralized exchanges to create a hybrid trading platform.
Furthermore, the hybrid platform will resolve some of the most pressing matters in the trading market. This platform will also offer groundbreaking trading tools and AI technology, which investors and traders use to increase their chances of making more profit.
DTX Exchange users also benefit from up to 1000x leverage to increase their profits on small capital. Due to its exclusive use case, the DTX presale has thrived, raising over $2.8 million. Analysts say DTX will raise over $3 million by the end of September 2024.
DTX is in Stage 3 of its public presale trading at $0.06. The current investors will enjoy a 33% profit once DTX transitions to Stage 4 of the presale, valued at $0.08. On that note, YouTuber Crypto Chino insists that DTX will offer the largest profit in case of an altcoin rally.
Dogecoin’s value has been on a roll recently, having gained almost 30% since September 7, 2024. Recent data posted by popular crypto analyst Ali Martinez highlights another similar rally if the memecoin rises above the $0.111 resistance sustainably.
DOGE dumped hard alongside the rest of the market in the first week of September, plunging from $0.103 to a multi-week low of $0.089. Nonetheless, it started recovering moments later and soared above $0.111 on September 26.
According to Ali Martinez, over 62,000 wallets hold at least 36 billion worth of DOGE acquired at the $0.111 level, which makes it a critical psychological zone. Dogecoin’ can continue rising in the coming weeks if investors retain their holdings instead of selling with small profits.
Ali insists there are no major supply walls in sight, which could push DOGE towards $0.152, a 30% increase from its current value.
Meanwhile, DOGE whales have accumulated around $140 million worth of DOGE, which might catalyze another altcoin rally.
On September 27, DOGE was valued at $0.117, up 11.93% in the past week. Analysts say DOGE will rise to $0.139 in October, supported by increased buying pressure.
China’s crypto market continues thriving despite regulatory limits, with over-the-counter (OTC) brokers getting at least $75 billion worth of funds. The increase in investment, coupled with the resilience of the OTC trading industry, highlights China’s potential to influence the crypto space.
If China eases its stance on digital assets, an altcoin rally could happen, with Dogecoin and DTX Exchange benefiting massively. DTX will dominate the crypto space with its interesting features and massive growth potential.
Learn more:
Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice. Times Tabloid is not responsible for any financial losses.
An emerging cryptocurrency priced under half a cent is capturing investor attention with its promise…
New wave of digital assets is capturing attention for their potential to reshape the market…
The cryptocurrency market has recently resurged, with key assets reaching impressive highs. Amid the market-wide…
The sudden departure of SEC Chair Gary Gensler has sent shockwaves through the crypto world,…
XRP is receiving renewed interest from the cryptocurrency community fueled by the conducive political atmosphere…
XRP’s price trajectory has become a significant focus for cryptocurrency analysts and traders alike, particularly…