Wednesday, 22 November, 2017

Another Blow To Bitcoin: Chinese Cryptocurrency Exchange BTCC Shuts Down China Operations

Chinese Bitcoin Exchanges Will Likely Not Be Banned After All					            Joseph Young Chinese Bitcoin Exchanges Will Likely Not Be Banned After All Joseph Young
Juana Turner | 16 September, 2017, 00:51

One of China's biggest Bitcoin exchanges has said it will stop trading, after a government warning over virtual currencies. The price of bitcoins soared from around $1,000 at the start of the year to almost $5,000 on September 1. Its value nosedived after one of China's largest online exchanges, BTCC, announced that it will end bitcoin transactions by September 30. However, the original cryptocurrency has somewhat recovered since then and is now trading at $3,441, down a mere 1.5% from the same time yesterday.

Jamie Dimon, chief executive of JPMorgan Chase & Co, also came out strongly against bitcoin this week dubbing it a "fraud", and adding that it will blow up.

The Chinese government's clampdown on cryptocurrencies has not only sent bitcoin tumbling, it is also hitting the shares of related companies.

The announcement by the exchange BTTC followed the news a fortnight ago that the Chinese authorities had banned initial coin offerings.

He went on to say that only drug dealers, murderers or if you are in Venezuela, Ecuador or North Korea, you would be better off dealing in bitcoin rather than in USA dollars.

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.

China has been cracking down on fundraising through launches of token-based digital currencies, targeting initial coin offerings in a market that has ballooned this year.

Bitcoin is created and exchanged without the involvement of banks or governments.

Bitcoin prices topped $5,013 earlier this month but were trading at around $3,600 early Thursday, down more than 28 percent from their peak. The value of Bitcoin, the granddaddy of all cryptocurrency, also shot up significantly this year.

Chinese authorities will close down bitcoin exchanges across the country, according to Market Watch.

In the latest developments, after Dimon's statement, Bitcoin price has suffered losses up to 11%.

"The Chinese ban is causing a panic in the market as mixed messages and lack of clarity has turned sentiment negative", Charles Hayter, founder of data analysis website Cryptocompare, told the Reuters news agency.

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