China Says Goodbye to Crypto Exchange BTCC
According to a recent article published by BBC, one of China's biggest Bitcoin exchanges just announced that it'll stop trading, following a government warning over virtual currencies.
What we know at this point:
BTCC said it would stop buying and selling on 30 September in response to tightening regulation.
It comes after authorities banned initial coin offerings on 5 September.
The country has seen an explosion of digital currency trading, sparking fears about the financial risks and speculative investing.
The price of Bitcoin tumbled sharply following the BTCC announcement late on Thursday but has since regained some ground.
This news has rattled crypto markets and caused BTC to fall another 20% leaving it trading today right near the $3000USD mark.
This is disappointing but many think it'll be a good thing for cryptocurrency markets overall as China will hold less of a grasp on the overall market allowing BTC to trade more naturally and providing more stability in the long-run.
Techblogger would like to wish BTCC farewell as it shuts its doors forever. Clearly there were problems there and the company felt it would be much safer to just close down operations before regulators came sniffing around for clues as to what they've been up to...
TechBlogger Wrap Up
Based on this recent event what do you think is going to happen with the BTC price in the next few weeks? Do you think this will prompt other countries to follow China's lead and put pressure on exchanges or will it simply be a matter of Chinese being deprived opportunities to invest in BTC?
Please leave comments and feedback below.
Thanks for reading!
Source:
Top China Bitcoin exchange to stop trading - BBC
I think most of the people are scared right now.. Prices and volume is dropping low low low.
The people that do not know the real value of the technologie and revolution that bitcoin causes, are selling. They don't know better, they follow the scaremonger.
The second group is the opposite. No matter what the chinese do, BTC and other coins will not die.
In bitcoin we trust! Keep holding on long. Stay strong.
agree
You are completely right, nice argument.
Back to business as usual! Look at the volume on those green candles
I concur. I'm a self admittiing newb to the crypto world and can only afford a small holding in Bitcoin, Ether and Litecoin, but I have logic and patience on my side. I've followed and researched economice and the eminant failure of fiat currencies. I am not swayed by this dip and I know in my heart that Bitcoin isn't going away. It is the future. When Jamiee Dimon comes out and starts talking shit about Bitcoin, you know he's scared, because his bankster empire is threatened.
Yes, BTC have a future, and it will become much closer, if people and companies start to use it as instrument of payment but not mostly for speculative purpose.
This is a great chance for a dex to move in amd take number 1 something like bitshares exchange..
This proves more and more they are worth
the chinese government doesnt want competition with their yuan. their market is not really open as they try imply that they are a free and open market
Same old China, get the foreigners in with their technology imitate then chuck them out.