renegadebusdallas.com
renegadebusdallas.com September 21, 2017


China's Bitcoin exchanges begin closing shop sending BTC prices down

17 September 2017, 01:12 | Marta Robbins

China's Bitcoin exchanges begin closing shop sending BTC prices down

Cryptocurrency litecoin loses half its value from high

Whether Russia should legalize cryptocurrencies remains a big question, Governor Elvira Nabiullina said Thursday at a banking congress in Sochi.

Beijing has ordered all affected bitcoin exchanges to post a notice of their closure by midnight on Friday. Bitcoin, ether and other digital currencies allow completely anonymous financial transactions, making them popular tools on the black market. Its co-founder, Bobby Lee, told Reuters the move would not affect trading on the BTCC global exchange, however.

The information slowly coming from China has confirmed that trading taking place for Bitcoin-to-fiat platform will no longer be legal.

The news of China's crackdown on cryptocurrency fundraising didn't immediately cause a panic, but it put the China-based cryptocurrency exchanges on notice, and following "careful consideration", one of China's largest exchanges chose to call it quits. Starting now, exchanges will gradually be discontinuing pairings of digital assets against RMB. BTCC announced it would stop buying and selling on 30 September in response to strict regulation. In fact, leaked documents obtained by Reuters show that the Chinese government is ordering cryptocurrency exchanges to close.

Remember also, this time around there hasn't been any formal guidance from government - and it appears local exchanges Huobi and OKCoin will continue letting users trade between cryptocurrencies. The price settled at around $3,300 this afternoon, down from around $4,300 early Tuesday morning, according to data from BTC Ticker. BTCC said that its decision to stop trading came after "carefully considering" the warning.

USA should be "beaten to death like a rabid dog": North Korea
In response, the committee said the USA should be "beaten to death like a rabid dog" for the "heinous sanctions resolution". North Korea also uses trusted agents and third party companies located in other countries to facilitate prohibited trade.

Predictions for an eventual resumption haven't done much to comfort bitcoin traders.

To make matters worse, some big names on Wall Street have blasted bitcoin and the cryptocurrency market this week. Markets like Japan, Korea and the us have emerged to account for the lion's share of global trading volumes, so the impact of this China ban is not as severe as it initially may seem. Furthermore, its Blockchain+ trading platform will open up bitcoin cash (BCC, BCH) withdrawals before Sunday, September 24.

Dimon said that if any JPMorgan traders were trading the crypto-currency, "I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are risky".

On Wednesday, JPMorgan CEO Jamie Dimon called the cryptocurrency a "fraud", which also send the cryptocurrency market slumped.



Other News

Trending Now

'Narcos' Location Manager Shot and Killed in Mexico
The upcoming season of Narcos shifts its setting from Colombia to Mexico, centering around the fearsome Juarez drug cartel. A producer for the Netflix crime drama Narcos has been shot dead in central Mexico while looking for new locations.

Samsung's Next Flagship Note Holds Prospects of Being a Foldable Smartphone
The CES always has some company showing off foldable display but there hasn't been any practical use case of the technology. Essentially, these premium smartphones are now personal computers that fit in our pockets-with an emphasis on personal.

Canelo versus GGG: Who wins?
Other than the Mayweather fight, Canelo has looked almost unstoppable against top tier opponents like Miguel Cotto and Amir Khan . The fight pulled in what is still the second-largest number of pay-per-view buys (2.2 million). "I feel great at this age".

Odell Beckham Jr. Describes Ankle Injury As 6-8 Week Recovery
Manning was quick to caution that "it can always get worse" but he was optimistic on Wednesday that they can turn things around. Wheeler probably has a slight edge because the Giants think Fluker is more suited to play guard at this point in his career.

Federation Internationale de Football Association 18 Might Not Feature Gameplay Sliders
Today, EA Sports' annually updated footie sim drops a 12-team sporting demo two weeks ahead of kick off. You can also play in the Saudi Arabian King Fahd stadium and Boca Juniors' La Bombonera.

Netflix's 'Last Chance U' Football Player Brothers Charged With Murder
Where are star players of "Last Chance U" now? Two other men were also charged with criminal homicide in early August. A running back, Wright clashed with head coach Buddy Stephens and dealt with his fiancee's pregnancy and miscarriage.

Condos Says Presidential Election Integrity Commission Has 'Nefarious' Agenda
If this were the case, however, "they would get their driver's license no later than January 7, 2017". New Hampshire law gives drivers 60 days upon establishing residence to obtain a state license.

Philippe Coutinho still out of contention for Liverpool
The match you referred to is in the past, it is all about how we acquit ourselves tomorrow and not what happened previously. Liverpool supporters are forgiving people. "I really think we handled it really well", Klopp added.

More than 1 million Iowans among those vulnerable after Equifax security breach
It is important to note that a consumer does not need to have used Equifax for their data to be exposed to these hackers. It seems the only thing Equifax has done right so far, is finally removing their charge to freeze your credit report.

McMaster says there is military option against N. Korea
McMaster emphasized that it's the responsibility of all nations to enforce U.N. sanctions on North Korea and address the problem. Trump said the North had "once again shown its utter contempt for its neighbors and for the entire world community".