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With the digital currency’s value rising sharply,58 per cent of day’s global volume done in yuan as non-professionals wade into new marketThe yuan accounts for most of the trade in bitcoins as trading of the unregulated digital currency soars in the world’s second-largest economy.mini storageBy noon yesterday, about 58 per cent of the global trade during the preceding 24 hours occurred on exchanges trading the mainland currency, according to open source research project BitcoinAverage.According to the aggregator of market data, the mainland’s trading volume in the period reached 827 million yuan (HK$1 billion).Trades in US dollars make up about 37 per cent of global volume. Trades in euros account for slightly less than 2 per cent. No other currency accounts for more than 1 per cent of trade, according to BitcoinAverage.Fortunes have already been made on the mainland through the virtual currency. The value of a bitcoin on the mainland soared 861.02 per cent from 844.75 yuan on September 3, the earliest data available on BitcoinAverage, to its peak value last Friday of 7,273.47 yuan. The virtual currency was trading at between 6,300 and 6,400 yuan on major mainland exchanges yesterday morning.Unlike previous virtual currencies, People’s Bank of China deputy governor Yi Gang said last month that bitcoins could be freely traded, although the central government would not accept them as currency.A provincial subsidiary of state-run China Telecom even said it would accept payment in the virtual currency. Jiangsu Telecom said last week it would accept the virtual currency for pre-orders of a new Samsung phone.“China is driving the volume predominantly for two reasons: speculation and mining,” said Zennon Kapron, the managing director of Shanghai-based financial advisory Kapronasia. “Returns on bitcoin this year have surpassed real estate, which previously was the best performing mainstream asset class in China, which has naturally attracted more attention and further drive儲存 the price up.”Kapron said it was natural for the mainland, the world’s biggest manufacturer of bitcoin mining equipment, to play a large role in the trade.Since last month, the majority of new bitcoin traders had been women, the head of the Beijing-based Huobi trading platform, Li Lin, told the Beijing Morning Post last week.Another trend seen was the popularisation of the currency beyond IT geeks and financial experts, she said, adding that a third of the trades on Huobi were made by large investors trading more than a million yuan.Liu Jun, the Shenzhen-based chief executive of the GoX trading platform, agreed that non-professionals were increasingly trading in bitcoins, but said men still dominated trades on GoX, accounting for about 80 per cent.The trading platform, which launched in June and is registered in Hong Kong, had up to 20,000 users, who on average invested between 20,000 and 100,000 yuan in the virtual currency, Liu said.On Monday, the platform registered a turnover of 64 million yuan in 10,000 trades, he said.The software engineer from Changsha, Hunan, said bitcoins were bound to rise in popularity as they offered a democratic alternative to the stock exchange. “There are so many manoeuvres behind the scenes determining the trading of stocks in China, whereas bitcoins offer a fair trade,” he said.Liu Tao, founder of the Shanghai-based BitXF trading platform, said he had also noticed more non-professionals were entering the trade. “In the past, the questions asked by customers were professional, recently we are confronted with more and more simple questions,” he said. “Many investors don’t really understand bitcoins.”Liu said he expected some market correction in the near future but was optimistic about the rise of the virtual currency in the next two to three years.He said his trading platform has a turnover of about 200 bitcoins a day on average.Liu Jun estimated that between one million and two million mainlanders had traded in bitcoins.迷你倉