India hints at cryptocurrency, China to shut Bitcoin exchanges

Posted September 15, 2017

Bitcoin is created and exchanged without the involvement of banks or governments. It also announced that the exchange will halt all trading effective September 30, 2017. Get into Bitcoin Trading on the worldwide Bitcoin Exchange.

Bitcoin's value decreased an additional 8 percent Thursday morning, leaving it at $3,571.23. The exchanges also need to announce today the schedule to stop the trading of all virtual currencies and publish it at their websites.

Before 20 September 6pm, exchanges shall determine a bank account, which will be used for depositing user funds. We apologize for the inconvenience. It said its other businesses, which include a mining pool it operates, and an exchange that doesn't deal with Chinese customers, were unaffected. Chinese regulators said they were investigating 60 major ICO platforms.

Having hit record highs just weeks ago, bitcoin's boom has since abated as the currency feels the heat from heightened regulatory attention. Its co-founder, Bobby Lee, told Reuters the move would not affect trading on the BTCC global exchange, however. On Thursday, China Business News and 21st Century Economic Report both reported that regulators verbally instructed Chinese exchanges to shut down.

To make matters worse, some big names on Wall Street have blasted bitcoin and the cryptocurrency market this week.

Bitcoin captivated the attention of financial markets this summer as the developer community embraced a new mechanism to improve usage and avoided what was labeled as a potential civil war, raising the profile of the digital ledger and fueling the speculative price rise.

The readers also must be aware of the fact that this isn't the first time Chinese regulators have taken such step. Bitcoin price dropped from its all-time-high of $5,000 to today's price of above $3,000, a staggering drop of 38.78%.

And China is not the only country watching Bitcoin. This morning, BTCC tweeted that it had made a decision to halt trading on its BTCChina Exchange. I've heard the argument that China is not closing the exchanges permanently, but suspending them until tighter oversight is implemented.

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