Bitcoin value plummets over Chinese trading ban rumors
Bitcoin value plummets over Chinese trading ban rumors
12 September, 2017, 00:42
At one point in time, China's influence on the cryptocurrency was dominant, having accounted for as much as 90pc of trading activity, but this has since diversified globally.
Zhou Shuoji, a founding partner of FBG Capital, which invests in cryptocurrencies, addressed China's ban on cryptocurrency exchanges by stating, "Trading volume would definitely shrink". The notice was issued in public interest to caution investors against certain matters related to ICOs in the wake of the "rapid rise of projects which raise funds in the name of ICO (Initial Coin Offerings), upsetting social and economic order and creating relatively large potential risks". The country makes up 23% of Bitcoin trades and interestingly some of the world's biggest Bitcoin Miners are from China.
Bloomberg has reported that according to insiders, the ban will only apply to trading of cryptocurrencies on exchanges while there don't seem to be an urgency is stopping over-the-counter transactions. "Old users will definitely still trade, but the entry threshold for new users is now very high".
If you were wondering why the price of Bitcoin dropped faster than Ronaldo when he gets looked at by opposing defenders, turn your attention towards China.
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China is the world's biggest cryptocurrency market, hence the ban on cryptocurrency exchanges and ICOs comes as a shock. Bitcoin has jumped about 600 percent in dollar terms over the past year, part of a broad surge in virtual currencies that has fueled concerns of a bubble.
"There has been a general tightening of the screws on regulating financial and monetary conditions", said Mr Mark McFarland, chief economist at Union Bancaire Privee. The central government's office overseeing internet financial risks has ordered local authorities to shut down virtual exchanges trading digital currencies with the yuan, a source close to the office toldCaixin.
According to the The Wall Street Journal, bitcoin exchanges are now being clamped down on, with no trading to be done within Chinese borders. Buying Bitcoin was a way to bypass those rules.
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