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.



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