June 19, 2018

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.

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