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.

follow

editors' picks

September 15, 2017
Yu Yureka 2 With 16 Megapixel Camera Launched At ₹11999
As for the optics, the smartphone comes with a 16-megapixel rear camera and an 8-megapixel front-facing camera. On the connectivity front, the device supports 4G VoLTE, Bluetooth, WiFi, dual-SIM and micro USB port.

September 15, 2017
Hurricane Jose hangs on in the Atlantic
It lost a lot of its punch from earlier Tuesday and was as high as a Category 4 storm with winds around 155 miles per hour . The forecast is for Jose to peak at 85 miles per hour winds on Sunday and stay at 80-85 miles per hour through day 5.

September 15, 2017
Amarnath Yatra attack mastermind Abu Ismail shot dead in Kashmir
Vaid had then said that the investigation in the Amarnath Yatra attack has revealed that it was carried out by Ismail. The militant activities took a spike after Hizbul Mujahidin commander Burhan Wani was killed in July previous year .

September 15, 2017
Turkey warns Arbil to avoid emotional statements
Meanwhile, the leader of the Kurdish region of Iraq, Massoud Barzani, said the referendum is "a natural right". Iraqi Kurdish oil is exported through Turkey, a key economic lifeline for the region.

September 15, 2017
White House vague on whether Trump will sign resolution condemning neo-Nazis
Congressional Black Caucus chairman Cedric Richmond, D-La., also said he was gratified Trump and Scott sat down together. House Democrats responded by introducing a resolution to censure Trump , and many supported the move.

September 15, 2017
United States should be "beaten to death like a rabid dog": North Korea
According to 38 North, satellite images suggested the nuke test resulted in landslides occurring at the Punggye-ri test site. The North claiming to have detonated a hydrogen bomb that can be loaded onto an intercontinental ballistic missile.

September 15, 2017
Russian military bombards ISIS targets in Syria
This isn't the first time Russian Federation is stepping up to the plate, as they have been backing Syrian President since 2015. The convoy had been stuck in the desert following airstrikes by the U.S-led coalition to prevent its advance.

September 15, 2017
Edith Windsor, gay marriage activist dies, 88
Windsor was the plaintiff in a landmark Supreme Court case that struck down parts of the federal defense of marriage act. If my parents had known the truth, would they have stopped loving me? "I didn't think it would happen again and it did".

September 15, 2017
Steelers at Browns: Preview, prediction, odds and pick
He is one of our better players, and we wish we had them all out there, but we will have him out there at some point in time soon. The bad news for the Browns is that rookie defensive end Myles Garrett will miss the game with a high ankle sprain.

September 15, 2017
Downwards trajectory for Kenya in latest Federation Internationale de Football Association ranking
India has played three matches in the last one month, with two wins (against Macau and Mauritius) and a draw ( St. Switzerland are seventh, France eighth, Chile ninth and Colombia tenth.