Bitcoin Is Trading Under $4150 Level Amid Rumors About China’s Ban of Bitcoin Exchanges

Spread the love

Contested reports that China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges annulling the whole country’s exchange ecosystem made markets for bitcoin and other cryptocurrencies fall over the course of September 8th till today.

The entire buzz is caused by Chinese news source Caixin, which stated on Friday that regulators are looking to shut down the exchanges, citing no definite sources though.

According to the Caixin, the news about the decision made has already been dispatched to other sources.

At the same time, exchanges in China claimed that they haven’t received any notifications from the Chinese government yet. China’s central bank couldn’t immediately comment.

Given all said above, the trustworthiness of the news reported by Caixin is brought into a big question.

Still, the uncertainty caused by the news, unproved ones, though, caused bitcoin (and the whole crypto market’s) fluctuations. The steepest drop was seen on Friday, when the currency dropped from $4658 to $4084 during the course of the day. Following the fall, token reached the minimum of $3969 on Sunday. Currently, according to the data from CryptoCurrency Market Capitalizations Index, Bitcoin shows the signs of recovery trading at about $4,144 (dropping after today’s peak of $4,261 per token).

CoinMarketCap also reveals that, logical enough, China’s leading bitcoin exchanges, following Friday’s news, are still reporting the lowest prices for the token. OKCoin, for example, trades bitcoin for $3883.41, at press time, Huobi and BTCC, in their turn, are reporting prices of $3892.04 and $3873.40, correspondingly.

Almost all other 397 listed bitcoin exchanges, trade the currency at prices above the $4,100 level (except 13 exchanges that trade bitcoin above $4000).

As it has been mentioned, other cryptocurrency markets have seen notable declines as well. Ether prices, for example, fell from $329 to $289 on Friday, hitting the lowest level of $269 on Sunday.  Today ether gained 3,77 percent being traded at $289 at press time.

The total cryptocurrency market capitalization was also affected by the news, which made it fall from $165 billion on Friday to 135 billion on Sunday. Having risen slightly, today it makes $144 billion.

To recap, the rumors about China’s exchanges’ potential shot down were preceded by the last week’s decision of People’s Bank of China (PBoC) to ban Initial Coin Offerings (ICOs) and declare them illegal, asking all related fundraising activity to be halted immediately.

Meanwhile, Switzerland, following the desire of governments to control rapidly growing blockchain and cryptographic technologies, takes another way to secure its ecomomy from negative impacts of ICOs . In such a way, Crypto Valley Association (CVA), a non-profit government-supported association founded in Switzerland, plans to establish ICO Code of Conduct that is to be a guideline for the regulation of careful and safety Initial Coin Offerings (ICO).

No Comments

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Bitcoin Price Faces Third Monthly Loss of 2019
Spread the love

Spread the love Bitcoin is on track to test $9,000, having dived out of a narrowing price range earlier this week. The cryptocurrency is likely to end August on a negative note, having suffered losses in July and January. BTC may suffer a deeper price drop over the next few months, possibly …

Satoshi Nakamoto: ‘Bitcoin dips below $10K — again :(’
Spread the love

Spread the loveWelcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Albert Einstein used to say: Let’s whip up a knowledge omelette! Bitcoin Price We closed the day, August 28 2019, at a price …

Bitcoin Eyes $9K Price Support After Drop to One-Month Lows
Spread the love

Spread the loveBitcoin (BTC) could drop to $9,000 in the next 24 hours, having strengthened the short-term bearish case with a drop to one-month lows earlier today. The top cryptocurrency by market value fell to $9,320 at 07:36 UTC today, the lowest level since July 28, according to Bitstamp data. …