Economy

China's biggest bitcoin exchange to halt trading

China's biggest bitcoin exchange to halt trading”

The selloff in Bitcoin continued unabated as sentiment turned bearish in the wake of a statement from The National Internet Finance Association of China (NIFA), claiming that "financial and social risks [of bitcoin exchanges] can not be ignored". What does it cost to create a USA dollar?

Still, bitcoin is up about 250% since the start of the year with a market cap of $59.3 billion.

Beijing-based Huobi, one of the country's top-three Bitcoin trading platforms, said it hadn't received any orders about stopping trading but will "obey government laws and try its best to protect clients' assets".

WeChat is starting to see its first wave of defectors: Chinese cryptocurrency aficionados.

On the plus side, with the Bitcoin bull market being thrown into reverse, the price of graphics cards should descend to normality.

Meanwhile, Bitcoin Cash and other virtual currencies are sinking as a sell-off for cash spreads before exchanges close. Will that be enough to attract businesses?

If the largest bitcoin exchange were hit by a cyberattack, bitcoin could be in deep trouble.

Trading volume has fallen as regulators tightened controls.

Alleged Equifax hackers demand $2.6 million Bitcoin ransom - or else. This doesn't in any way suggest that Bitfinex is susceptible to cyberattacks to the same extent Mt. Gox was, but a debilitating cyberattack on Bitfinex, which could seriously hurt bitcoin's liquidity, can't be discounted.

Bitcoin is increasingly in the spotlight around the world. Unlike the other factors, this last point could potentially be a double-edged sword. For those who believe in Bitcoin's long-term success, sudden drops in value present a potential buying opportunity. "China is preparing to provide licensure for less than a handful of exchanges as it grapples with the meteoric increase in cryptocurrency trading, and speculation on ICOs - licensure and engagement with government will help propel this industry forward".

"I'm a Bitcoin miner", McAfee said on CNBC's Fast Money show on Wednesday.

As if the Bitcoin price has not retraced enough already, more volatility is erupting across all markets.

"The only good argument I've ever heard [.] is that if you were in Venezuela or Ecuador or North Korea [.] or if you were a drug dealer, a murderer, stuff like that, you are probably better off dealing in bitcoin than in U.S. dollars", Dimon said, causing a stir.



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