Breaking: Report Released Implying China May Close Crypto Exchanges, Market Reaction
Hi everyone. This article will briefly cover breaking news involving Bitcoin's legal acceptance in China.
China May Shut Down BTC Exchanges
It seems like China is preparing to deal another hit to Bitcoin. Local Chinese outlet Caixin reported (in Chinese) that China is planning to shut down Bitcoin exchanges. The report is available here, in Chinese.
Though no confirmation has come from officials or legislators in China, the same outlet Caixin did accurately predict China's ban on ICOs 2 days before officials released the information. People's Daily (an official Chinese Communist Party newspaper), released a tweet detailing that:
Chinese supervisory authority has decided to close local virtual currency exchanges.
No other information was given out. BTCC (BTC China, a Chinese BTC exchange) is still operating fine, according to its executives. However, a blow like this could seriously affect Bitcoin in China and might push for DEX (decentralized exchanges) in China, because the report still seems to allow for private Bitcoin holdings and transfer.
Market Reaction
The market isn't reacting well to such news, and took quite a dip today, even sharper than the one on Monday (for the ICO news). The crypto market cap is at less than $150B and lots of cryptocurrencies are falling.
Just like the ICO dip, all of the top fifty cryptos (except Tether) took a decrease, with "Chinese Ethereum" Neo taking an almost 30% hit.
Bitcoin itself took an over 10% dip due to this news, and is currently trading at about $4130.
However, this also may be due to fear and misunderstanding on the part of the traders and investors: Remember that China isn't banning Bitcoin. There's just some news that China may be banning local exchanges. This may be a good opportunity to "buy the dip," as many investors did Monday.
Thanks for reading,
— @mooncryption
sources: As usual, all images are from CoinRanking.
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The market would regain by tomorrow....people should stop getting too scared
Buy the dip :)
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