Chinese Government News Impact on Bitcoin and Cryptocurrency World

Well Bitcoin continues to have a bad week as it fell under US Dollar today. So let's see what's going on at the start of this month. We saw Bitcoin surge hitting a record high climbing past on some exchanges but on Friday it dropped dramatically from 4600$ to 3800$ as low as in just one day negative news regarding China's crackdown has weighed heavily on the price and rumors circulating.

This week has made the situation even worse. It is important to understand that we are still waiting for clarification from the Chinese Government in relations of stories that Chinese regulators are ordering domestic Bitcoin exchanges to be shut down. Right now this is just talk as none of China's largest exchanges like BTC China have stopped trading.

Chinese OTC cryptocurrency trading service a bit can plans to suspend over the counter trading from tomorrow. Now this is in response to China's ico ban. The company said that this will not affect its Bitcoin wallet as well as the deposit and withdrawal functions of the digital assets. The total value of all crypto currencies reached a record high of almost billion on September, second the total market cap climbed to as high as billion on Friday.

The falling again we saw drop from billion. On Tuesday all the way down past billion. Today it's ethereum climbed past on Tuesday but today it fell to as low as Bitcoin cash is also experiencing some losses falling below today. It surpassed dollars last Thursday. Ripple has suffered a sharp fall over the past few hours and it continues to head lower. Litecoin has fallen in the last few hours and it fell to around 60$.

More and more people across the globe are embracing the cryptocurrency world but there will always be someone who is bearish. JP Morgan CEO Jamie Dimon's recent negative comments have definitely not helped sentiment after he warned that it could all blow up and he does not believe that I can actually survive but one person who is a believer and remains confident in Bitcoin is the founder and CEO of social capital.

According to CNBC he said yesterday at the delivering Alpha Conference in New York that we've been massively along Bitcoin for years the genie is fundamentally out of the bottle now let's check out what else is happening in the cryptocurrency world while Argentina is expected to get over bi-directional Bitcoin ATMs Odyssey group is developing this project and its CEO told a local news agency that the company will begin operations with Bitcoin ethereum and litecoin. He added that our company transfers technology outside the United States. The Octagon platform allows to communicate with the transaction report of each country and in that way to manage the bi-directional ATMs octa token allows the ATM user to obtain cash exchange crypto tokens obtain micro crannis transfer money and many other functions through electronic wallets. He said that the company is working together with the Central Banks of Argentina, Chile, Paraguay, Colombia and Mexico.