As if the Bitcoin price had not retraced enough already, more volatility is btcc bitcoin across all markets. BTCC, one of China’s largest Bitcoin exchanges, announced they will halt all BTC trading come September 30th. It is unclear how long this situation will last at this time.
The market is already responding in a negative fashion, despite the news not affecting the Bitcoin currency itself. 5,000 mark, it appears bad news has been crawling out of the woodwork as we speak. More specifically, things went from bad to worse when Chinese regulators announced their ban on cryptocurrency ICOs. While none of those projects have anything to do with Bitcoin, holders decided it was an opportune time to reduce their BTC holdings regardless.
This was only the first wave of news to push the Bitcoin price down, though. Ever since that time, Chinese regulators have continued to make media headlines. Rumors began spreading regarding a potential suspension of all Bitcoin trading activity by centralized exchanges. Although none of the major platforms received any official notice to that effect, the Bitcoin price remained rather shaky and eventually continued to move downward despite some buy support at key levels. Earlier today, BTCC confirmed most people’s worst fears, as it will effectively halt Bitcoin trading starting September 30th. As is to be expected, there isn’t much information available at this time. No one knows when services will be resumed or why this company appears to have been singled out.
It is certainly possible other Chinese Bitcoin exchanges will make similar announcements in the coming days, but for now, nothing has been confirmed. BTCC will also no longer accept new user registrations starting today, which indicates this decision has something to do with Know Your Customer or anti-money laundering procedures more than anything else. The Bitcoin price took a serious beating within an hour of the news breaking. 3,620 in a matter of seconds, although it appears the downward momentum has been halted for the time being. Do keep in mind this suspension of Bitcoin trading at the BTCC exchange doesn’t affect Bitcoin as a protocol or currency. We are talking about one centralized exchange suffering the scrutiny of Chinese regulators for reasons unknown at this time.
24 hours is not entirely shocking, as we have seen bigger losses and gains throughout 2017. This indicates that the China news has had less of an effect than some people would like. It also demonstrates how the Bitcoin community is slowly wisening up and not bothering about regulatory issues beyond its control. Everyone knows Bitcoin will be just fine and only come out stronger.
Rest assured there are some forces at play that have been driving the Bitcoin price down. With the noted gains throughout 2017, a lot of people missed the boat and are looking for some cheaper BTC. There is no reason to sell Bitcoin now, as the currency is still doing just fine. Centralized companies, on the other hand, may want to rethink their strategy, especially when dealing with the Chinese market. Click Here to find out more.
The Mashable Velocity graph shows how quickly people are sharing this article on the social Web. BTCChina, one of the leading Bitcoin exchanges in China, is permanently shutting down, the company announced on Twitter. The news come after a few weeks of rumors that China will ban all cryptocurrency exchanges in the country. It’s not clear what has changed in the meantime, but BTCChina has now announced it will stop all trading on September 30.
The company said some of its products, such as the BTCC mining pool, will remain operational. BTCC products, including BTCC Pool, are not affected by this change. While this news still doesn’t mean that China plans to officially ban all cryptocurrency exchanges in the country—some have speculated that the Chinese authorities would merely tighten the regulation of crypto exchanges—it’s a very good indication that something of the sort may happen. It’s been a rough couple of weeks for Bitcoin and other cryptocurrencies. Most cryptocurrencies have declined significantly in value since.
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