{CryptoNews} Dragon Ran Out Of Steam? Market Sees Upward Trends!!

cryptoniam (35)in #news • 7 years ago

The day started with reports coming from China, which indicated that the last nail in the coffin had been put, to the Chinese Cryptocurrency exchanges, as they have been directed—although verbally as of now—to voluntarily shut all of their China operations by 15th of Sep i.e. today.

The domestic Chinese Exchanges, apparently, had been operating in the country without any formal license. Off late the “Chinese Authorities” have been on a crusade to curb the domestic cryptocurrency market; which was initiated with the ban on the ICO and increased scrutiny on the deregulated cryptocurrency exchanges in China.

One can't help but assume that the Chinese Government wants to bring in tighter laws, in order to regulate the functioning of this market. Repeatedly, a fractured mandate has surfaced from the Chinese Authorities; where one fraction wants the country to continue promoting the amazing Blockchain technology, whereas the other wants to keep a tab on it.

Two major exchanges i.e. BTCC & ViaBTC have already declared that they are going to close down all their china operations in coming days and weeks. And earlier today two more exchanges Huobi and OKCoin are reported to have met with the regulatory authorities in China. The outcome of the meeting has come as a blessing for the market, as the aforementioned exchanges have a lease of life till the end of October, instead of the September. This announcement was later confirmed by cnLedger on their official twitter account.

The market took this news very positively and surged immediately. Bitcoin’s dismal figure of $2900 odd was overshadowed quickly as its value increased to $3550 in real quick succession.

Later in the day, the two tweets from cnLedger made it crystal clear as to what is the current state of affairs are in china, as far as Cryptocurrency Exchanges are concerned.