Bitcoin starts to plummet in value as the Chinese exchanges begin shutdown

Bitcoin starts to plummet in value as the Chinese exchanges begin shutdown

Bitcoin starts to plummet in value as the Chinese exchanges begin shutdown

Earlier today, the Bitcoin price (BTC/USD) for the first time in six weeks fell below $3,000, posting double-digit percentage gains over the past 24 hours.

Over the past few days, however, a number of bitcoin exchanges in the country announced a halt of yuan trading.

One of China's biggest Bitcoin exchanges has said it will stop trading, after a government warning over virtual currencies.

"After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30".

Bitcoins are meant to serve as an alternative for normal currencies and is not controlled by any country or central bank, making it an easy way for people to do business beyond the reach of government regulation.

With all the panic selling following the Chinese government's renewed crackdown on bitcoin exchanges, it's important to remember that the country is no longer the trading hub it once was.

By the end of September 15, the platforms must make closure announcements and by September 20 they must establish bank accounts to deposit user funds.

Despite the move to end trading, OKCoin, and Huobi have indicated that they plan to continue operations and will provide other cryptocurrency asset services for their customers.

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A sign in Hong Kong reads "bitcoin accepted here".

Chinese news reports that two of the country's largest exchanges have been given an extra month to operate domestically.

It is hard to believe that China intends to exit a market that has so much potential.

A source at OKCoin who requested anonymity says the company is considering peer-to-peer transactions, but it's not a certainty because current regulations are vague. "One can't help but wonder if Mr Dimon's comments regarding cryptocurrencies would apply to JP Morgan's own offerings, should they come to market?"

"Global trading volume now appears more distributed than ever before", our State of Blockchain report noted in June.

Just a day after JPMorgan Chase CEO Jamie Dimon unleashed a fury of attacks on Bitcoin (and cryptocurrencies in general), another salvo is incoming.

China began investigating the whole cyber-currency quagmire (Giggity) in January, after claiming that it was being used for money laundering, (well duh) and market manipulation amongst other things.

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