Bitcoin Forum

The price is going south.  :o

its any link/ news for this information?

The two exchanges, Bit Station and FSHO didn't have enough volume to bring the price south. It's more of a SEC and Binance after-effect. Mt.Gox and then Coincheck, 16 licensed exchanges and the Japanese Financial Services Agency (FSA) suspending the ones that are having  issues with customer protection and anti-money-laundering measures is overall good for the crypto community to prevent another big hack. I don’t think this news had any negative impact on the market, positive in the long-term.


https://www.coindesk.com/japans-fsa-announces-suspension-of-two-crypto-exchanges/

Japan is the only country which is said to have legalised Bitcoin. This will be huge for Bitcoin. Could see $6,500.

See my Twitter page below for the world events that can turn the markets

Yes this is a bad news that JAPAN suspended some exchanges for trading Bitcoin. This will effect the crypto market negatively. Bitcoin may comedown to $8000.

does this mean bitcoin prices will drop more? why lately there's always bad news about bitcoin. it will be difficult to ride if there is any bad news about bitcoin, and this will also affect other altcoin.

Yes, the price could be affected but it will be short lived. Japan has been sort of cleaning its exchanges, after what has happened to Coincheck. They have to make sure that every exchanges in Japan comply and improved their system including AML. And as @krishnapramod has pointed out, those 2 exchanges suspended for about a month does not have enough volume to bring the price to significant level. Although we have seen such effect already I don't see it affecting us in the long run.

We all knew that Japan is the first country to try and implement the bitcoin potential in hassle payments, thus they've used it as a monthly cut off payments for worker.

Did you know that you can exchange your Bitcoin to fiat currency in Japan and have a 700+ exchange merchants available.

It could be the major reason why the price decrease unknowingly.

So it the reason why the bitcoin price go donw right now, because Japan suspended some exchanges from trading bitcoin. I heard it will be the reason why the bitcoin price go down and the value is dump, it the bussiness of the man who have much money to buy bitcoin and make negative news about the bitcoin, it will be the bitcoin value will be dump and they will take this moment to buy bitcoin at the low price.

They both had about 600btc volume daily combined, it's nothing compared to the largest exchange in Japan, BitFly, that has about 12K bitcoins in volume.
I believe that the people who traded in Bit Station and in FSHO are just going to switch their exchange and they will start trading at BitFly, no doubt that it is not going to affect the price at any way.
It is still important news because it shows that regulators are aware of bitcoin exchanges and they are starting to do some steps against it.

According to The Wall Street Journal, Japan shuts 2 exchanges down due to the lack of proper internal controls.

so in long terms it should be fine

It's not bad news. It's good news. On one of the exchanges, Bitstation, they found that one of the employees had stolen some coins. It's amazing that it took an audit by the regulator to discover this, the exchange itself had no idea.

Basically the Japanese regulators are doing good work keeping the exchanges on their toes and forcing them to operate cleanly.

Japan suspended some exchange from trading bitcoin because they are creating japan token and exchanger thats why japanese do this suspension. I think they want to dump the price of bitcoin before they launch the new coin.

No I don't think that you are right. There are more crypto friendly countries and cryptocurrency is on different (but nevertheless, advanced) levels of regulation and acceptance there. Good examples are the following: Arizona in US isn't per se a country but you can pay your taxes there with crypto. Germany legalizes  Bitcoin purchases and exempts them from taxes. The list could go on.

About your price prediction, are you copying an old post or something? How 6500$ can be huge if Bitcoin has already been trading past that for at least a month?

I think this has had a big impact on the price of bitcoin, which has dropped a lot over the last two days. Because there has been bad news about bitcoin, I don't think the bad news is enough to keep bitcoin down so much.

Price is not good at this time and the sign is telling us we are heading in that direction, I hope there is a good news coming up so we can be rebound from this bad news I hate to see things that have happened last January where Bitcoin almost hit $7000 level.

Thanks for providing the insight on the news because a lot of people would only read an headline then based on that decide that 'oh bitcoin is dead again' without even trying to understand the reason why only two exchange sites was singled out of the total exchange sites in Japan forgetting that Japan has been one country that its disposition to bitcoin has been favorable compared to other countries in that part of the world. On reading the report makes me realise that its very much justified for them to have been issued that suspension which is for one month and not permanent as Op has made it sounded.

Again, the report is not only about the exchange sites suspended rather warnings were issued to other exchange sites to ensure that they improve their securities in other to ensure the funds of investors and clients are kept safe following the $500 million heist that threatened the market. A lot of people just comment without reading or verifying whether the source can be trusted or not then contribute to the already fragile market that is trying to get a footing.

Let the people who panic in such situations lose their hard earned bitcoins by selling them and thinking that bitcoin is not for them, we have warned enough about these situations that people should be calm and not go and sell their coins.

This is the efect of Sec and Binance and it needs at least a few days to a few weeks until the price of bitcoin is back on the rise.

Japan suspending some exchanges has nothing to do with bitcoin price drop, whatever Japan does I think in the longer term will benefit bitcoin because Japan is the pioneer country in completely embracing bitcoin and other cryptos.

First of all the price drop can be cause of this but in my opinion it is mainly because of the Binance and the MtGox news, Japanese Financial services Agency suspends seven exchanges including Coincheck. It is a notice for them to fulfil their technical improvement for the security of their wallets as they have a problem on hacking. But Coincheck promised to refund all stolen coins from their accounts to the customers.  

It was just a temporary suspensions as stated in the article so nothing to worry about this one, yes we may experience now a downtrend in the price but I believe just like we are experience those past months that it is just also a temporary, we don't need to be panic at all.