According to a recent article published by BBC, one of China's biggest Bitcoin exchanges just announced that it'll stop trading, following a government warning over virtual currencies.
What we know at this point:
BTCC said it would stop buying and selling on 30 September in response to tightening regulation.
It comes after authorities banned initial coin offerings on 5 September.
The country has seen an explosion of digital currency trading, sparking fears about the financial risks and speculative investing.
The price of Bitcoin tumbled sharply following the BTCC announcement late on Thursday but has since regained some ground.
This news has rattled crypto markets and caused BTC to fall another 20% leaving it trading today right near the $3000USD mark.
This is disappointing but many think it'll be a good thing for cryptocurrency markets overall as China will hold less of a grasp on the overall market allowing BTC to trade more naturally and providing more stability in the long-run.
Techblogger would like to wish BTCC farewell as it shuts its doors forever. Clearly there were problems there and the company felt it would be much safer to just close down operations before regulators came sniffing around for clues as to what they've been up to...
TechBlogger Wrap Up
Based on this recent event what do you think is going to happen with the BTC price in the next few weeks? Do you think this will prompt other countries to follow China's lead and put pressure on exchanges or will it simply be a matter of Chinese being deprived opportunities to invest in BTC?
Please leave comments and feedback below.
Thanks for reading!
Source:
Top China Bitcoin exchange to stop trading - BBC