BitCNY (CURRENCY:BITCNY) traded up 3.5% against the U.S. dollar during the 24 hour period ending at 16:00 PM ET on February 8th. One bitCNY token can now be purchased for about $0.18 or 0.00002096 BTC on cryptocurrency exchanges including AEX, Coinbene, BitShares Asset Exchange and OpenLedger DEX. During the last seven days, bitCNY has traded up 16.2% against the U.S. dollar. bitCNY has a market cap of $35.51 million and approximately $54.41 million worth of bitCNY was traded on exchanges in the last 24 hours.
According to CryptoCompare, “bitCNY is a market pegged asset (MPA) issued on the Bitshares platform, these assets are known as bitassets or smartcoins. Smartcoins always have 100% or more of its value backed by BitShares (BTS), and can be redeemed for it at any time. Since the exchange rate of BTS to CNY can change, the blockchain protocol deals with increasing and decreasing supply accordingly. This allows users to trade and transfer stable priced tokens across the blockchain and to trade real world commodities like gold and silver in a decentralized manner. “