[2017-02-09] BS: China tightens controls on Bitcoin trading platforms

[polynesia]

China tightens controls on Bitcoin trading platforms

http://www.business-standard.com/article/pti-stories/china-tightens-controls-on-bitcoin-trading-platforms-117020901367_1.html

Chinese bitcoin trading platforms risk closure if they breach new controls on the virtual currency, the central bank said today, as authorities step up efforts to curb the flow of money offshore.

During a meeting yesterday with officials from nine Beijing-based bitcoin trading platforms, a People's Bank of China (PBoC) inspection team unveiled a series of restrictions on the digital unit.

The PBoC said it has banned the platforms from margin trading, a widespread practice that allows investors to go into debt to buy bitcoin and repay their loans with gains made by the currency.

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[susila_bai]

Apart from this news their is also one restriction china has made is they have stopped all exchanges to ban buying of bitcoin in all major exchanges for atleast 30 to 60 days and two of exchanges have blocked buying btc in their exchange to all users due to this most of them started to sell their btc due to this btc price crashed yesterday, once more the btc price was not able to breach the all time high price and the sellers pushed back the btc price below 1000$ price of bitcoin.

[Pattberry]

Apart from this news their is also one restriction china has made is they have stopped all exchanges to ban buying of bitcoin in all major exchanges for atleast 30 to 60 days and two of exchanges have blocked buying btc in their exchange to all users due to this most of them started to sell their btc due to this btc price crashed yesterday, once more the btc price was not able to breach the all time high price and the sellers pushed back the btc price below 1000$ price of bitcoin.

With the news coming from China in the past week this was an expected move but no one really expected OKCoin and Huobi to suspend bitcoin and litecoin withdrawals which is a major blow to everyone who invested in that exchange ,people should abandon those exchanges who never bother the values of their customers.

[bitcoinisbest]

This will effect the bitcoin price because restriction in China means dumping of coins by people and since they hold majority prices tend to fall of Bitcoin in coming time. Not a good sign.

[Marma Kalari]

This will effect the bitcoin price because restriction in China means dumping of coins by people and since they hold majority prices tend to fall of Bitcoin in coming time. Not a good sign.

The drama in china is hurting the price of bitcoin but the prices are recovering and even crossed the thousand dollar mark and the exchanges are following government orders and making FUD news and actions to create panic and whenever the prices dip people are purchasing in bulk and so is the reason the prices are recovering.

[bitcoinisbest]

This will effect the bitcoin price because restriction in China means dumping of coins by people and since they hold majority prices tend to fall of Bitcoin in coming time. Not a good sign.

The drama in china is hurting the price of bitcoin but the prices are recovering and even crossed the thousand dollar mark and the exchanges are following government orders and making FUD news and actions to create panic and whenever the prices dip people are purchasing in bulk and so is the reason the prices are recovering.

I think Chinese have not started selling yet. Only few have panicked and sold it. But if all companies and exchanges start selling it price will drop to 70-80% in coming time as majority is being hold by them.

[epitome]

This will effect the bitcoin price because restriction in China means dumping of coins by people and since they hold majority prices tend to fall of Bitcoin in coming time. Not a good sign.

The drama in china is hurting the price of bitcoin but the prices are recovering and even crossed the thousand dollar mark and the exchanges are following government orders and making FUD news and actions to create panic and whenever the prices dip people are purchasing in bulk and so is the reason the prices are recovering.

I think Chinese have not started selling yet. Only few have panicked and sold it. But if all companies and exchanges start selling it price will drop to 70-80% in coming time as majority is being hold by them.

You wont be able to see a price below 70 to 80%  and no one in their right sense would sell off all their coins because if the price falls all the big mining farms would go bankrupt as they have invested a huge amount of money in it and so they will book their profits when a news comes out and then it will start growing again.