Chinese bitcoin exchange announces end to trading

16 September, 2017, 01:32 | Author: Terri Saunders
  • Bitcoin Dives on Dimon's Fraud Warning

"Chinese volumes account for less than 10 percent of global volume - they are no big deal", said Charles Hayter, founder of cryptocurrency analysis website Cryptocompare.Beijing-based platforms OkCoin and Huobi, which are among China's biggest exchanges, said on Friday that they planned to stop yuan-based trading by October 31, confirming earlier reports. The exchange said it was acting "in the spirit of" a central bank ban last week on initial coin offerings but gave no indication it received a direct order to close. The central bank has announced that Chinese companies will no longer be allowed to issue units of electronic currency to lift funds. The government seems to be laying the groundwork to ban independent digital currencies from the Chinese economy altogether.

"After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30". NIFA also said that cryptocurrencies had no legal base of foundation in China.

Interestingly, the cryptocurrency market has actually picked up following the news. Bitcoin did not push to new highs until February of this year.

Wednesday, Bitcoin dove by more than 10%, as investors sold the cryptocurrency after a warning by JPMorgan (NYSE:JPM) Chief Executive Jamie Dimon that it "is a fraud" and will eventually "blow up".

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"It's worse than tulip bulbs". But the digital currency has suffered huge security breaches in the past and its exchange rate can rise or fall rapidly.

Levitt said he would avoid investing directly in bitcoin due to its wild price fluctuations that are "hard to understand". But he said Chinese crackdown on Bitcoin won't work. "The Great Firewall of China won't be able to block Bitcoin traffic originating on Blockchain's decentralized network". The cost of the bitcoin declined to 26,400 Yuan (almost to $4,029) on BTC China this week compared to 32,500 Yuan of last week. Overall, confidence in cryptocurrencies has been on the rise for years, and people are still likely to be drawn to its potential for rapid gains. "We shouldn't be surprised that this threat sparks extreme reactions from the industry's top insiders", Assia added.

Having hit record highs just weeks ago, bitcoin's boom has since abated as the currency feels the heat from heightened regulatory attention.

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