Has Winter come to Bitcoin with exchange closures in China ?

Has Winter come to Bitcoin with exchange closures in China ?

China's crackdown, which includes a ban on initial coin offerings announced last week, has fuelled a 30 per cent sell-off in bitcoin from its all-time high on Sept 1.

The cryptocurrency has started Friday on the backfoot too.

Bitcoin prices on every major Chinese exchange have slumped to sub-$3,000 levels on the noise of a possible suspension in trading as investors look to get out of what could be a tailspin going into the weekend. With administrators personally liable for what is said on groups they run, users of bitcoin exchanges OKCoin, Huobi and BTCChina are migrating to services beyond the Chinese government's reach. "Customers can withdraw their funds whenever they want". As of publication, bitcoin trades for approximately $3,700 per coin in the global markets. "They can become a tool for illegal fund flows and investment deals".

He said there should be a distinction between digital currencies and digital tokens, such as Bitcoin.

However the instructions also demand that the exchanges cancel any accounts that do not have connected bank accounts, and save all user and trading data on DVDs which they must then send to local authorities. Bitcoin trading platforms in Beijing are yet to see these announcements. The currency is now down more than $550 from yesterday, and it's still trending downward.

If so, that will raise some awkward questions for other Chinese entrepreneurs participating in the blockchain industry.

Not everyone seems to be in favor of shutting down Bitcoin trade in China.

There were nearly 40 platforms in China contributing to the initial coin transactions as of mid-July and nearly 65 problems have already been carried out in the country, lifting a sum of 2.6 Billion Yuan, as per a group of Chinese experts mentioned in the local media.

The stance of Chinese authorities could be pivotal for bitcoin's future. Huobi said it had not received any clear directives from regulators to do so. Users must present identification (e.g., a passport) and proof of residence in order to process their transactions.

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH. It was expected that influential governing bodies like those in China would step in and take some of the heat out of the bubble, leading to speculation that such activities help correct the market back to more realistic valuation.



Related Posts

Chelsea v Qarabag preview: Antonio Conte will not risk Eden Hazard
Hazard could be in line to start for Chelsea against Qarabag after he was only a late substitute against the Foxes on Saturday. For this reason there is the necessity to rotate and play game-by-game, " Antonio Conte said on Monday, September 11.

Suddenly, more US Democrats back government health care
Bernie Sanders' (I-Vt.) single-payer healthcare bill , making her the 10th Democratic senator to come out in favor of the measure. Sanders says the bill he will release on Wednesday will provide a more detailed blueprint for his health care plans .

Cassini Poised To Begin Mission-Ending Dive
" Cassini has enabled those future missions to be possible", said Jim Green, NASA's director of planetary science . Though Cassini's life was extended twice with new missions, the spacecraft had a limited fuel supply.

Indians' 'last out' baseballs from record-breaking win streak are on display
Simply put, so long as his knee is feeling good, Miller needs to pitch as much as possible on the march to the playoffs. Corey Kluber propelled himself into the AL Cy Young lead (thanks also in part to Chris Sale's recent implosion).

Attorney general offers advice on what to about the Equifax breach
If there's fraudulent activity, you should contact each of the three credit reporting agencies to dispute the inaccurate item (s). Texas law allows parents to protect their children from identity theft by freezing their child's credit.

Census Bureau: Median Incomes Climbing for First Time Since 2007
Census Bureau announced this week that real median household income increased by 3.2 percent between 2015 and 2016. Among the 31 states and the District of Columbia that expanded Medicaid, the uninsured rate is just 6.5 percent.

Irma, Now a Tropical Storm, Leaves Six Million Without Power in Florida
The current forecast has Jose coming about 500 miles away from the SC coast by Sunday, moving due north and staying well offshore. Millions more who hunkered down in their homes heeded advice, hammered home in round-the-clock briefings from Gov.

Nintendo Makes a Much-Needed Change to Online Voice Chat
With the many, many Mario Party iterations over the years, there have been plenty out there to compile mini games from. Some reports have surfaced, revealing that the process of porting the game to the Switch was not an easy task.

Billions Of Devices At Risk From Bluetooth Flaws — Blueborne Attacks
Google is patching Android 4.4.4 KitKat and later, leaving fewer than one-in-ten older Android devices without the patches. Armis , which has a commercial stake in the IoT security space, warned that the attack vector can be exploited silently.

Google will announce Pixel 2 on October 4
The billboard simple says "Ask more of your phone", suggesting the Pixel 2 could have smarter Google Assistant integration. We'll be soon following up this Google Pixel 2 release date article with a list of expected Google Pixel 2 features.

© 2015 Stocks News Daily. All Rights reserved.