And the inevitable is upon us. Amidst all the speculations & confusions the last nail in the coffin is here.
Its BTCC, China's oldest cryptocurrency exchange, which has announced that they are going to halt all of their China operations "for good", on the 30th of Sep.
BTCC has already stopped on-boarding new users on their China platform. Having said that, they have also confirmed that their international operations will continue as is.
It is yet to be seen whether the ban extends to all other forms of trading, which comprises P2P trading. However, all over the counter trading services will cease operations, due to stringent regulatory scrutiny.
Cryptocurrency market has felt a direct impact of this news and as a result, the overall market cap has come down to circa $212 Billion , which was around $175 Billion, just a couple of weeks ago (before the Chinese ICO ban saga).
Bitcoin, which was about to touch its all time high price of $5000, only a few week ago, has now come down to $3500. This shows the current market sentiments, as investors are drawing their investments out of the market, which is in-turn leading to major price corrections in the cryptocurrency market.
