Latest News From Chinese Bitcoin Exchanges 9/15/2017
If you take a look at coinmarketcap.com you will notice that there is a large discrepancy between Chinese exchange prices and international prices. Several exchanges will now officially be shutting down at different times over the coming weeks to months. This includes two of the top ten BTC exchanges OKcoin and Huobi. These two alone contribute over 8% of Bitcoin's total volumes!
The smaller exchange Yunbi looks to stop all transactions by 9/20/2017 according to their website's homepage (https://yunbi.com/) and their prices have taken a massive blow!
(Thank you Google Translate services!)
These are what the average Bitcoin and Ethereum prices look like right now:
While not hit nearly as hard as the prices over at Yunbi, OKcoin and Huobi are still trading much lower than international prices.
This is mostly due to the fact that they will not be closing down until the end of October:
Other exchanges such as BTCChina and ViaBTC have stated they will be closing down by the end of the month. (Sources: https://techcrunch.com/2017/09/15/chinas-three-largest-bitcoin-exchanges-will-all-stop-offering-local-trading/, https://www.coindesk.com/chinese-bitcoin-exchange-viabtc-to-close-amid-regulatory-crackdown/)
Things are starting to get serious as China is finally beginning to regulate and crack down on these exchanges. They have noticed that the ICO hype was getting out of hand and have reacted with their iron fist. This ban may prove to only be a temporary thing as China realizes the economic potential of such technologies.
Bitcoin markets will eventually rebound regardless of the pressures on Chinese exchanges. The ban is only a small set back for the BTC machine as China makes up only a slice of the pie.
I will post more as new developments come out and feel free to tell me about other Chinese exchanges that have announced closures.
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures are free domain images from snappygoat.com or created by myself.)
i think it's just temporary to slow down bitcoin rise. Chinese are also limited to transfer money overseas. But how many overseas properties are owned by Chinese. So they always have a way out
Where there is a will there's a way! The Chinese will just use VPN's to bypass the prying eyes of the government and continue trading. They are banning EVERYTHING in China right now.
The ironic thing is that they never "banned Bitcoin" just the Bitcoin Exchanges.
yes, isn't Chinese actually the biggest bitcoin miners? The more restrictions the smarter people become. They can even trade bitcoin with cash if they want to
The strange thing is that they didn't ban BITCOIN they just banned the exchanges. Mining Bitcoin is still perfectly legal in China.
That is same as Gold, they don't export it even though they are the biggest gold miners, just importing mostly. It could be the same reason with bitcoin. So Chinese can buy overseas but not allowed to sell it. And probably the government also own some bitcoins too
Nice post mate. I think the low prices are also due to the fact that Chinese are not able to deposit fiat anymore. That instantly creates less demand for cryptos while the supply is unchanged. In my view that causes the large price difference when converting Yuan to US Dollar price for BTC and others.
Eventually the Chinese will be allowed back into the Bitcoin markets but this will provide a nice time of stability and consolidation.
This is a great opportunity for the international community since Bitcoin prices will definitely rebound! All of this is GOOD for the market overall since it's getting rid of the bad players right now and providing an amazing accumulation phase. Bitcoin may be in a temporary bear market but low prices are fantastic for Bitcoin users.
Check out my last forecast:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-9-15-2017
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