After a week of endless rumors from China, starting with the original announcement on Caixin calling the "end of exchanges in China", the rumors have become a reality when it comes to BTCChina. BTCChina has announced today that they will stop all trading on BTCChina (The chinese version of BTCC) on the 30th of September.
The reason they gave for the was the Sept 4 announcement - the ICO ban. This means no additional announcements have been made from the government regarding closing exchanges. It might be that they are announcing the end of trading as a precaution, or they might be in contact with different government departments and cannot disclose the details. OKCoin and Huobi PR said they have not received notice from regulators and are operating normally
Cashing Out:
Immediately after the announcement, there was a flurry of trade activity on BTCC, with the price of Bitcoin falling to as low as $2600 USD. Currently prices on BTCC are around $450 USD cheaper than the international price.
Other Exchanges:
It seems like OKCoin and Huobi are meeting up with regulators today, so we might see some news coming out of the other exchanges as well. There are rumors that BTCC was hit harder because they started their own ICO coin which they have already shut down.
Binance: Service for international exchange not affected. Chinese not allowed to trade since sept 6th
Yunbi: Rumored to shut down in 3 months
*Updated 15th September. Added information about possible meeting between OKCoin / Huobi with regulators.
Bitcoin is resilient and even if it goes below the $3000 resistance level i have a good feeling it is going to surprise a lot of naysayers when it hit $10 000 before 2018. Bitcoins has proven many critics wrong over the years and i bet it will do it again not to mention the many times it was said that it will die or crash. If bitcoin was a woman man she would be more beautiful than any super model out there. The Asians Governments are up too something here with these announcements seem like they have their hand in the cookie Jar or even testing the markets.
@rogerblu
if it is just an exchange closing, it is only temporary.
Looks like if exchanges and ICOs are linked in anyway then scope for collusion i.e exchanges should not be in the business of making coins/tokens for ICO. However exchanges that were built on the issuance of ICO may a different thing.
Disclaimer: I am just a bot trying to be helpful.
If you check other Chinese news, other exchange will follow soon not just BTCChina. https://steemit.com/bitcoin/@beterhans/chinese-btc-exchange-close-down-english-news-and-chinese-news-didn-t-quite-match-and-what-you-need-to-know
@boxmining Thanks for your work as well!
I believe all this panic selling will be over after 30 September when the Chinese sort out all this regulation mess.There are many other exchanges that people can trade on without restrictions. Bitshares is a good decentralized one to consider :)
Seems like China doesn't was the middle class to prosper with their hatred towards ICO's
@boxmining I like your submit. I have followed you.
It's not the first time China is trying to regulate Bitcoin, and it won't be the last... Don't panic guys, and HODL !
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Great works, I wish you success
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This has got to be the worst comment I've ever seen for such an informative article .. man some people are desperate
LOL agreed