Bitcoin Forum

complete title : Newsflash: Bitcoin Price Crashes as Chinese Exchanges OkCoin & Huobi Pause Withdrawals Temporarily

Bitcoin crashed today as OKCoin made a surprise announcement stating they are to pause BTC and LTC withdrawals for a time estimate of one month to comply with “relevant national anti-money laundering, payment and settlement of foreign exchange management and other financial laws and regulations.” Huobi made a similiar announcement.

The announcement said that there is a cross-industry collaboration effort to upgrade the system for better anti-money laundering compliance. During this period, BTC and LTC withdrawals will be paused, but yuan withdrawals and deposits can continue.

Price sharply fell as of writing.

https://cdn4.cryptocoinsnews.com/wp-content/uploads/2017/02/bitcoin-price-crash.jpg

This developing story will be updated shortly.

https://www.cryptocoinsnews.com/bitcoin-price-is-crashing-as-chinese-exchanges-pause-withdrawals/ (https://www.cryptocoinsnews.com/bitcoin-price-is-crashing-as-chinese-exchanges-pause-withdrawals/)

Boring.


Someone needs to make a bitcoin-isnt-banned-again.com to collect these garbage stories, I'm even less interested than the last time the PRC bureaucrats scratched their elbow in relation to Bitcoin

It is "old hat" to those of us that have seen multiple "BANNED/Not Banned" freakouts in our time. I'm guessing the Chinese govt is just trying to figure how to get a cut of the action, and prevent capital controls being circumvented. They didn't get all the exchanges either, and I'm not telling which they forgot :)

The price has crashed from $1078 to $978 a hundred dollars lose within an hour. We knew Chinese control bitcoin price through reduction or addition of feck volume. When ever price got close to $1100 they create panic my using their mother bank ( people bank of china) to reduce the price then began to buy again. Margin traders are the one really make it from this big fluctuations.

You see, I just don't believe that everyone in the entire Chinese central bank simultaneously knocked their heads against something yesterday and said: "Oh shit, Bitcoin is an increasing capital flight vector, let's do something temporary and inconsequential". Sure, some junior admins might actually believe it (usefully to the management), but the guys in the executive suite just can't be that naive. Not all of them.

It's possible of course that they're simply a bunch of humans, looking at the cards in their hand and saying to each other "on balance, still not sure what to do about this definitively". I'd entertain that, but whatever is happening behind closed doors, it will carry on like this, until it doesn't. I wonder what the catalyst (and the scenario) will be that changes that, and whether it will be prompted by increases in control, or a loss of it. Who fancies "loss"? ;D

The old dogs around here are licking their lips to get a taste of these cheaper coins, because we know things will return to normal soon and we

will reap the reward for waiting it out. If it can drop with $100 .... then it can climb with $100 again.  ;D ... These Chinese governments are

actually making it easy for all of us to make a bunch of money... very quickly.  ;D

Boring? Maybe. So tell me why we have the same outcome every time and traders always panic?
Massive FUD, followed by price drop. It seems that China will try to curb bitcoin price always when it will reach +$1000
I am shocked that without Chinese margin trading, investors are still reacting allergically.

I sure am glad I got my coins out of there..

Anyone who keeps/stores their coins on any exchange now-a-days is not too bright. If you don't have your own bitcoin wallet of some type, hot or cold, you're asking to have your coins lost, stolen, frozen, you name it and it could happen.

An exchange is just for that, exchanging coins for fiat and vise versa. Or trading. When you are done exchanging or trading you shouldn't have any coins just sitting on the exchange, IMO.

Not just my opinion, but recognized fact. You've been warned thousands of times but still don't listen. :P

That is all.