News Worms
News Worms


Bitcoin Markets Rebound as More Chinese Exchanges Plan to Close Operations

Bitcoin Markets Rebound as More Chinese Exchanges Plan to Close Operations

According to people familiar to the matter, the ban will only apply to trading of cryptocurrencies on exchanges, Bloomberg reported quoting people who requested not to be named. At time of writing, one Bitcoin is price at about $3,014, down 18.54 percent in the last 24 hours according to CoinMarketCap, and down almost 40 percent from its July all-time-high of $4,952.

"The Chinese ban is causing a panic in the market as mixed messages and lack of clarity has turned sentiment negative", said Charles Hayter, founder of data analysis site Cryptocompare. Bitcoin had topped out at a high of $5,013 on September 1.

China's regulators plan to tighten the digital currency activities in China. China accounts for 23% of the worldwide bitcoin trade.

That sentiment was echoed by one of the top names in finance: JPMorgan Chase CEO Jamie Dimon labelled bitcoin "stupid" and "far too dangerous" in a speech Tuesday.

Bitcoin captivated the attention of financial markets this summer as the developer community embraced a new mechanism to improve usage and avoided what was labeled as a potential civil war, raising the profile of the digital ledger and fueling the speculative price rise. While the news isn't official yet, Caixin said it has seen the policy document and confirmed its authenticity with a source close to China's regulators.

Both exchanges said the decision to cease trading was triggered by an announcement by Chinese authorities last week banning initial coin offerings (ICOs), in which companies issue "digital" tokens similar to shares in exchange for bitcoin or other cryptocurrencies.

However, there is much speculation that the Chinese government will establish a licensing process for cryptocurrency exchanges, with one theory being that OKCoin and Huobi will receive licenses before or shortly after their suspensions take effect.

Bitcoin price on September 15, 2017.

Prices of Ether, a blockchain currency that trades on the Etherium platform, plunged 13% to $240 and is down almost 40% from its peak at $393 on September 1.

The CEO's claims concerning the cryptocurrency come as both the United Kingdom and China have issued warnings about trading, namely speculations called Initial Coin Offerings (ICOs). Other crypto currencies are also in the red.

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