Economy

Bitcoin, Ethereum, all cryptocurrencies down substantially post China heavy hand report

Bitcoin, Ethereum, all cryptocurrencies down substantially post China heavy hand report”

According to the China Securities Journal, Bitcoin, Litecoin, Ethereum and other cryptocurrency trading platforms have become "illegal economic activities, money laundering, and bankers manipulate the price of loser retail channel, should be banned as soon as possible" - (unedited machine-translation).

The massive decline in prices of Bitcoin, ethereum and all other cryptocurrencies has been blamed on a report in the Chinese media that claim that Chinese crypto exchanges have been ordered to close down operations following an investigation that began earlier this year. The report adds that while the closure isn't because of a regulation against cryptocurrencies, it does prohibit exchange based transactions.

Ethereum, in particular, is widely believed to vulnerable to a dip in demand following these latest regulatory measures, as ICO issuers often request payment in ether - a currency transacted through the Ethereum network. These rumors are thus far unconfirmed, but Haipo Yang-CEO of bitcoin exchange and mining pool ViaBTC-tweeted that "China will shut down all exchanges", along with a picture of what appears to be a news article. Yet in the wake of that story, exchanges in China said they haven't receive any notices from the Chinese government, casting doubt on the veracity of the Caixin report.

BTCC also said they haven't received any directives from the regulatory authorities. Nevertheless, Chinese traders were understandably spooked by the news. "We'll keep you updated", the exchange said in a statement.

Additional data from CoinMarketCap reveals that - perhaps unsurprisingly - China's top bitcoin exchanges are reporting some of the steepest price declines.



Like this

Latest


09 September 2017
Mbappe turned down Arsenal to seal PSG switch
You have to adapt, but it will make you a better player". "But I felt that in Paris , I was more likely to than in Madrid". I have a lot of respect for ( Monaco vice president) Vadim Vasilyev, who is a remarkable man.

09 September 2017
Rebecca Lobo Enters Hall of Fame
A retired gentleman greeted Rebecca at the Hall of Fame by repeating the WNBA's first slogan. "We got next!" said David Stern. Then you get to spend a little bit of time with them and you go, wow this kid is going to be awesome .

09 September 2017
Vivo V7+ debuts as an Amazon India Exclusive
The pre-bookings have been opened on Thursday, September 7 while it is set to go live on sale in India on September 15. The front camera is 24MP with the options of selfie flash dubbed Moonlight Glow, Face Beauty 7.0 and Portrait Mode.

09 September 2017
Russian Federation says airstrike kill 4 IS leaders in Syria
Still, it's not clear that Damascus or Tehran will honor an expanded safe zone arrangement. In Iraq , ISIS has been driven out of the city of Mosul and, more recently Tal Afar.

09 September 2017
Oklahoma State vs. South Alabama live stream
South Alabama lost their week 1 contest to MS 47-27 in a game that was well decided before the beginning of the fourth quarter. He fired touchdown passes to wideouts James Washington and Marcell Ateman in the first half.

09 September 2017
Texas A&M football coach receives racist hate mail after UCLA loss
The officials noted that the school is working with local law enforcement to "bring the sender of this letter to justice". This week, in the days after Texas A&M blew a sure win at UCLA , Sumlin had a nasty racist letter delivered to his home.

09 September 2017
Major carriers team up to strengthen mobile authentication
However, the U.S. still only ranks 44th in the world for download speed, right behind Fiji and Germany, and just ahead of Oman. This 2017 US Market Report from Ookla is based on Speedest intelligence data that was captured during Q1 and Q2 of this year.

09 September 2017
Storm edge Eels 18-16 in NRL qualifier
The first try was scored by Felise Kaufusi after the frantic Storm sent the ball through 13 pairs of hands on the final tackle. Eels fullback Will Smith held a superb inside ball from five-eighth Mitchell Moses to take a 10-4 lead into the break.

09 September 2017
Uber rival forced to suspend London operations after just three days
Just three days after the launch, following a brief investigation of complaints, transport authorities shut Taxify down. The app also sent a message to drivers, warning to say they were not employed by Taxify if they were stopped by TfL.

09 September 2017
Fenerbahce release statement saying Vincent Janssen deal agreed, flying in
He has scored only six goals in 35 appearances last season and has made one brief substitute outing this term. Tottenham Hotspur striker Vincent Janssen will join Fenerbahce on loan, the Super Lig club have confirmed .



Recommended