China cracks down hard on Bitcoin exchanges

China cracks down hard on Bitcoin exchanges

Trading their yuan in for Bitcoin can allow Chinese investors to move funds outside of the country.

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On September 8, when local news media outlet Caixin reported about the closure of trades and exchanges between virtual currency and fiat in China, the Bitcoin price fell sharply from around $4,600 to $4,100.

Notably, the ban has yet to be officially announced in China, according to the Wall Street Journal. But, in contrary, bitcoin has recovered to over $4,200 today, with the Chinese bitcoin exchange market demonstrating high trading volumes and U.S. investors moving bitcoin price upwards. Momentum is rebuilding in China, despite the ongoing bitcoin exchange ban talks and the PBoC's supposed introduction of plans to suspend bitcoin exchanges indefinitely.

More to that, within a single day, bitcoin price in the Chinese exchange market rose by 9.3 percent, while other markets such as the US, Japan and South Korea remained stagnant. No official proclamations have been issued by the Chinese government or regulators, although some exchanges are already taking steps and indicating they have been contacted.




The reports have not yet been confirmed as yet and the market awaits any news from the Chinese regulators regarding this.

Within a period of three days, bitcoin experienced two minor corrections, pulling back the upward momentum and strong rally it had maintained for a few weeks.

Zhou Shuoji, a founding partner of FBG Capital, which invests in cryptocurrencies, addressed China's ban on cryptocurrency exchanges by stating, "Trading volume would definitely shrink".

Spokeswomen for the OkCoin and Huobi platforms told Reuters they had no information to share following a report by Chinese financial publication Caixin that sent the price of bitcoin down 6.6 percent on Friday. But, as bitcoin mining and blockchain research firm BitFury Vice Chairman George Kikvadze explained, the impact of the Chinese government's announcement was minimal and the bitcoin market recovered within hours.

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