Bitcoin value drops as China allegedly closes digital exchanges

Bitcoin value drops as China allegedly closes digital exchanges

Bitcoin value drops as China allegedly closes digital exchanges

At one point in time, China's influence on the cryptocurrency was dominant, having accounted for as much as 90pc of trading activity, but this has since diversified globally.

The latest crackdown on cryptocurrency activity in China comes a few days after the People's Bank of China sent shockwaves through the cryptocurrency market, after on individuals and businesses from raising funds through initial coin offerings (ICOs). China's central bank said it could not immediately comment. While existing users will likely still trade, according to Zhou Shuoji, a founding partner at FBG Capital interviewed by Bloomberg, it will make it more hard for new users to start trading Bitcoin-thereby limiting Bitcoin's potential growth.

A notice from the Banking Regulatory Committee led by the People's Bank of China announced on September 4 an immediate ban on ICOs. "Old users will definitely still trade, but the entry threshold for new users is now very high". Bitcoin has shot up around 600 per cent in dollar terms over the past year, which has stoked fears of a bubble.

China plans to shut down domestic Bitcoin exchanges, anonymous sources told The Wall Street Journal today.

Given that the Chinese government and its financial regulators had not released any abrupt regulations on bitcoin, Ethereum and the cryptocurrency market in general, bitcoin price was on an ideal trajectory towards achieving the interim targets of various prominent financial analysts including Max Keiser, who have altered their short-term price target from $5,000 to $10,000. As regulations tightened, China's share has slid to less than 30%.

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However, officials at three Chinese bitcoin exchanges - Beijing-based OKCoin, Shanghai-based BTC China, and Beijing-based Huobi - said they have not heard anything from the Chinese government thus far.

The daily trading volume of the Chinese bitcoin exchange market has almost doubled that of the United States bitcoin exchange market, surging above 45,000 bitcoins.

The bigger risk for global bitcoin traders may be the massive rally in prices, according to McFarland.

Coinmama lets you buy bitcoins with your credit card or cash.

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