[2017-09-08] Caixin: China is said planning to shut local bitcoin exchanges

[tyz]

Caixin: China is said planning to shut local bitcoin exchanges

China news source Caixin is out with a headline saying that China is said planning to shut local bitcoin exchanges.

The price of bitcoin has moved lower on the news and trades below the 100 and 200 hour MAs (blue and green lines).  The trend line below comes in at 4262. That is the next target. The 38.2% comes in at 3959.55.

The price of bitcoin moved lower at the start of the week (and below MAs) but recovered into Wednesday and Thursday (and above the MAs).   Traders give the benefit of the doubt to the buyers above those MA lines. However, on breaks back below, the market does tend to run.  We are seeing a run lower. Be careful longs.

http://www.forexlive.com/news/!/caixin-china-is-said-planning-to-shut-local-bitcoin-exchanges-20170908

[Aveatrex]

This will have a huge effect on bitcoin market.I already smell a huge dump too,bitcoin is already dipping back to 4200$.Hopefully chinese people react to this.
However I was wondering why China would destroy bitcoin market in their country?I mean I can understand that they got ride of ICOs scamming people but there is not valable reason to try and break down mother of cryptocurrencies.An aswer would be appreciated thanks

[tyz]

Here is another article about the shut down of Bitcoin exchanges in China on Zerohedge
http://www.zerohedge.com/news/2017-09-08/bitcoin-crashes-massive-volume-china-plans-shut-local-exchanges

Could not find an "official" statement in English yet. I can not read Chinese but if all the news are true this could really get huge impact on Bitcoin. I guess the next who will be banned or shut down are the Chinese miners which form the majority of Bitcoin miners.

[iram1011]

China isn't banning Bitcoin exchanges. This is a manipulated news. The crash has something to do with ICO ban. As there is no official statement or any news from Chinese media. I don't think we need to believe that.

[Jating]

I don't know if this is true but looks like China is putting a ban hammer on bitcoin and the price is going down again. Looks like someone from inside is really making huge profit out of it. We have just recovered by the initial crash they did and this now? Hard to believe that they are making a U-turn on bitcoin. What's next shutting down of all mining farms?

[7daystodie]

I don't know if this is true but looks like China is putting a ban hammer on bitcoin and the price is going down again. Looks like someone from inside is really making huge profit out of it. We have just recovered by the initial crash they did and this now? Hard to believe that they are making a U-turn on bitcoin. What's next shutting down of all mining farms?

China has long been taking measures to ensure that bitcoin stopped in price growth. They tried to restrain his growth in the spring. And now they continue to do it. I'm very sorry that the power of China is negatively opposed to bitcoin.
But the market has already almost survived this news and the price goes up again

[vit05]

http://www.caixinglobal.com/

https://twitter.com/caixin

http://www.caixin.com/?HOLDZH

Where they are saying that?

September 20, 2017
[The end of the virtual currency exchange era] The supervisory authority has decided to close the exchange of virtual currency in China, which involves the "currency line", "coins" and "Bitcoin China" as the representative of all the virtual currency and the currency between Exchange, the new financial reporter from the Internet financial risk special rectification work leading group confirmed the news, and understand that the resolution has been deployed to the local. (Reporter Peng 骎 骎 Wu Yujian)

[hatshepsut93]

China would be very foolish to ban Bitcoin, they have very strong position because of Bitmain and cheap electricity for miners. They can even use it to their advantage, for example by delaying transactions of their competitors, while putting their own transactions at higher priority. This is why I don't believe China will actually ban Bitcoin, more likely it's just another FUD manipulation, and if you like some tinfoils, maybe the Chinese government actually buys Bitcoin and owns Bitmain.

[1Referee]

I was already waiting for something like this to happen, because it's a long while ago where we have seen fake news kick in like this. I am not at all surprised by this, because the majority of the people investing in Bitcoin are pure gamblers not knowing how to deal with paid fud like this. I am quite sure that those behind this fud are having a great time right now buying all your coins at discount levels. I actually wouldn't mind to see the market drop further, because alongside the USD I have sitting ready, the Euro has increased significantly in value against the dollar, so that's another benefit for me.

[buwaytress]

Yeah, I saw a couple of local sites also posting regarding Chinese fake news from today, but they were all taken down without snapshots available. It seems that a few platforms have also confirmed this is fake news, but have no evidence against it either. Worst-case scenario, this is a rumour of some planned restrictions or additional layers of verification on exchanges. In which case, this dump is the worst we'll see for a while. Will be at least tomorrow before more hard news will surface on Chinese news portals.

[BitFinnese]

Yeah, I saw a couple of local sites also posting regarding Chinese fake news from today, but they were all taken down without snapshots available. It seems that a few platforms have also confirmed this is fake news, but have no evidence against it either. Worst-case scenario, this is a rumour of some planned restrictions or additional layers of verification on exchanges. In which case, this dump is the worst we'll see for a while. Will be at least tomorrow before more hard news will surface on Chinese news portals.

I think this is a coordinated action done by some Chinese whales to manipulate Bitcoin price in their local area.  Banning ICO coupled with local exchange shutdown would shaken people from China and those who don't have strong hand will be shaken and sell their Bitcoin to cut losses (if crash happen) .  I hope not many people fall to this dirty trick and these fake news  and website owner should be fined for the possible damage that can be done to peoples property.  Anyway, I smell Bitcoin going bullish, see how desperate those Bitcoin hungry whales to get more bitcoin.

[CyberKuro]

China isn't banning Bitcoin exchanges. This is a manipulated news. The crash has something to do with ICO ban. As there is no official statement or any news from Chinese media. I don't think we need to believe that.

Obviously, seems so shady for only one news from caixin, lol. There is no official statement from China governments and bitcoin price already staterd to recover again. There are many people who willing to buy cheaper coins from Chinese traders, and bitcoin price still tanked in most of exchanges.
No need to worry about it, because only traders will dump theirs and pump it again.

[p0peji]

Hasnt btcchina confirmed on their twitter that they recieved order to halt trading?

[vit05]

9:39 AM in Beijing

Some whales playing on OkCoin.

https://bitcoinwisdom.com/markets/okcoin/btccny

[fisheater]

I guess it is not the bitcoin exchanges the government ban? It is the local exchange? not clear what exactly it means.

[veleten]

we should wait for more than mere gossip,coming from unveryfied sources
the global china exchange ban would have resulted more than in a small 10% dip
bitcoin would have crashed to at least 3000$ if not lower
there is big support around 3500-3800$ mark on Okcoin,for example
people are buying,this means they believe or know there will be no immediate ban

[richardsNY]

Hasnt btcchina confirmed on their twitter that they recieved order to halt trading?

No. https://bitcointalk.org/index.php?topic=2161506.0

Every exchange is operating as it has always done, and nothing will change aside from a few extra regulations that are being put into place. I am quite sure that behind the scenes, those behind this fud are having a great time laughing at how easily people are tricked into believing something nonexistent. People for once shouldn't pay any attention to whatever fud that involves China -- we've moved past China already, there is no point into making China look more important than they in reality are. Asia counts Japan and South Korea as well, don't forget that....