Bitcoin Dives Again: BTCChina To Halt Trades; China Shutdown 'Certain'

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The company said some of its products, such as the BTCC mining pool, will remain operational.

It said the move came "after carefully considering" a notice published earlier this month by China Securities Regulatory Commission alongside other relevant regulatory bodies including the Chinese central bank. When they stepped up their oversight of bitcoin trading this year, it led to a rapid and substantial drop in trading volumes.

Shanghai-based BTCC said it would halt trading on its domestic cryptocurrency exchange by September 30, in response to tighter control over trading crypto tokens by China's central bank.

As of 2017, according to the Lawnmower Blockchain Index, blockchain assets outperform by far all global bond and stock indices, with +374% up as opposed to equities with +15.7% and bonds with +3.95%.

Meanwhile, BTCC, a bitcoin exchange, said its China-based exchange will end all operations on September 30 following unverified reports that Chinese authorities are preparing to ban cryptocurrency exchanges.

ICOs has fueled the fast ascent in the value of all cryptocurrencies, from about $17-B at the start of the year, to a record high close to $180-B at the beginning of September.

A major decline in the price is already being witnessed since JPMorgan CEO said that "Bitcoin is a fraud". In fact speculators say that this action in price could be in favor of a lower base around $3,000 for bitcoin. Do keep in mind this suspension of Bitcoin trading at the BTCC exchange doesn't affect Bitcoin as a protocol or currency.

The regulators' crackdown was sparked by fears that Chinese investors were speculatively piling into cryptocurrencies.

Mr McAfee said: "You called Bitcoin a fraud".

Another expert doubted the possibilities of drastic changes in the Korean market fueled by Chinese bitcoin traders' influx into neighboring bitcoin powerhouses, including Korea.

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".

LocalBitcoins.com is a peer-to-peer bitcoin exchange, a site where you can list your own bitcoins for sale or buy bitcoins directly from other users.

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