[2017-09-14] BTCChina Exchange will stop trading at the of the month

[neuro-artisan]

1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.

2/ BTCC products, including BTCC Pool, are not affected by this change. Please contact us at support@btcc.com if you have any questions.

Source: https://twitter.com/YourBTCC

[Slow death]

this news made bitcoin fall again... I took the chance to buy more coins

"


Breaking: Bitcoin Exchange BTCChina will Close by October



China’s second largest cryptocurrency exchange BTCChina has announced it is shutting down on Sept. 30.

In tweets Thursday, the exchange, which also comprises an international arm BTCC, said the move was a direct result of Chinese regulatory statements.

It added BTCC would continue operating as normal.

2/ BTCC products, including BTCC Pool, are not affected by this change. Please contact us at support@btcc.com if you have any questions. https://t.co/r3HvINU20p

— BTCC (@YourBTCC) September 14, 2017
Bitcoin continues to decline in price in the aftermath of China banning ICOs, and rumors circulating of a second ban on Bitcoin-to-fiat exchange.

BTCC initially said it would “change its business model” in the event of a ban, and a potential full closure will come as a surprise to the industry.

Mainstream press sources had also prophesied a ban on exchanges, leading to widespread criticism in the face of non-official statements explicitly demanding closure.

Data from Bitcointicker shows prices dipping under $3700 meanwhile, with major support only hiding at the $3000 mark according to an analyst reported by Cointelegraph yesterday.

"

[Carlton Banks]

Well, the yuan Bitcoin price will increase, not decrease, in the wake of any confirmed exchange shuttering in mainland China.


A significant factor in Bitcoin's popularity in China has always been to enable capital flight (there are many methods to achieve capital flight from the Chinese economy, but Bitcoin is both attractive and popular amongst those methods). That real demand use will continue to exist after any exchanges are shut, and will simply add a price premium to BTC exchange denominated in yuan.

This move (if followed through with) could imply that the Chinese capital flight issue is causing the Chinese economy problems so serious that they cannot be ignored. That's a hell of a way to make the capital flight worse, and this is ostensibly happening in the economic/manufacturing powerhouse of the world.


Further, China have a geo-strategic headache brewing with North Korea. The Chinese have supported the North Korean regimes of the past, the likely reason being that North Korea can be used as a convenient distraction to US interests in South East Asia if the regime is given the right support at the right time. The Trump administration have threatened something pretty high stakes in terms of action against China if it's government continues to support North Korea in spite of the new economic sanctions against North Korea: the removal of China from SWIFT.

This would cause untold problems for both China and the US. It seems everyone involved is happy with the compromise, if we take them at their word. If the Chinese economy really is in trouble, as this move against cryptocurrency exchange implies, then there could be serious world-recession calibre fireworks in the pipeline.

[Karartma1]

The global economic landscape does not look very bright as we speak. I think that some kind of world-recession is something clearly possible. The geopolitical world map is in a complete mess as you were mentioning.
I did not think about the Chinese decision in that terms but I see your point.
This is getting tremendously serious: bitcoin is the end of the economic world as we know it and they know it very well. One can see that fear in their eyes.
They know Bitcoin and its network can not be controlled, there will always be a way out.

[bettercrypto]

The global economic landscape does not look very bright as we speak. I think that some kind of world-recession is something clearly possible. The geopolitical world map is in a complete mess as you were mentioning.
I did not think about the Chinese decision in that terms but I see your point.
This is getting tremendously serious: bitcoin is the end of the economic world as we know it and they know it very well. One can see that fear in their eyes.
They know Bitcoin and its network can not be controlled, there will always be a way out.

True, probably Chinese government sees this and they wanted to kill the bug before it goes out on its cocoon.  But they are making mistake here, instead they should have take advantage of what bitcoin can offer.  Though I believe they are blind to see these potentials.  Or they are playing dumb while reaping most of the cheaper bitcoin in the market.   Oh well, what ever happens I believe Bitcoin will come out of this situation with stronger support.

[Flyyyy]

The global economic landscape does not look very bright as we speak. I think that some kind of world-recession is something clearly possible. The geopolitical world map is in a complete mess as you were mentioning.
I did not think about the Chinese decision in that terms but I see your point.
This is getting tremendously serious: bitcoin is the end of the economic world as we know it and they know it very well. One can see that fear in their eyes.
They know Bitcoin and its network can not be controlled, there will always be a way out.

True, probably Chinese government sees this and they wanted to kill the bug before it goes out on its cocoon.  But they are making mistake here, instead they should have take advantage of what bitcoin can offer.  Though I believe they are blind to see these potentials.  Or they are playing dumb while reaping most of the cheaper bitcoin in the market.   Oh well, what ever happens I believe Bitcoin will come out of this situation with stronger support.

Because of these news, the price of bitcoin goes down and it worries me very much. I do not know when it will recover and this makes me very anxious. I hope that China will change its negative attitude towards bitcoin

[richardsNY]

I find it a weird situation that only BTCC has announced to halt its Chinese exchange activities. It may be that they were heavily involved into facilitating ICO's, and for that reason were forced to close, or in worst case scenario, every Chinese exchange will come up with the same announcement in the coming days. I find it odd that always when important regulations are taking place in China, that proper details are lacking. At this point there still is nothing pointing at all Chinese exchanges to be shut down completely....

[MisterKT]

As last couple of times, i think the market will recover

[buwaytress]

Well, the yuan Bitcoin price will increase, not decrease, in the wake of any confirmed exchange shuttering in mainland China.


A significant factor in Bitcoin's popularity in China has always been to enable capital flight (there are many methods to achieve capital flight from the Chinese economy, but Bitcoin is both attractive and popular amongst those methods). That real demand use will continue to exist after any exchanges are shut, and will simply add a price premium to BTC exchange denominated in yuan.

This move (if followed through with) could imply that the Chinese capital flight issue is causing the Chinese economy problems so serious that they cannot be ignored. That's a hell of a way to make the capital flight worse, and this is ostensibly happening in the economic/manufacturing powerhouse of the world.


Further, China have a geo-strategic headache brewing with North Korea. The Chinese have supported the North Korean regimes of the past, the likely reason being that North Korea can be used as a convenient distraction to US interests in South East Asia if the regime is given the right support at the right time. The Trump administration have threatened something pretty high stakes in terms of action against China if it's government continues to support North Korea in spite of the new economic sanctions against North Korea: the removal of China from SWIFT.

This would cause untold problems for both China and the US. It seems everyone involved is happy with the compromise, if we take them at their word. If the Chinese economy really is in trouble, as this move against cryptocurrency exchange implies, then there could be serious world-recession calibre fireworks in the pipeline.

Sound take on the underlying cause for the move. What I'm thinking of though, is that since BTCC also makes mention of the 4th September "statement", then why would they also not read into the explicit exclusion of p2p exchanges? If the volume on those is why the govt wouldn't be worried, surely the exodus of traders will find their way to localbitcoins or similar? I still feel there's a lot more happening than we are let in on.

And yes, after this sell off, expect Chinese prices to exceed the current premiums of South Korea when people realise they still need to use BTC.

[veleten]

the only question is when will the fall stop?
if more of chinese exchanges announce closure,there could be one hell of a vertical dive
and current 3400$ will be considered high
after all the "china is no longer the leader" articles,it is plain obvious it still is
and the news drag the price down despite europe,japan and korea all business as usual

[1Referee]

This definitely isn't something much people were expecting, but I fail to get an in-dept notification of why exactly they had to shut down. If this is ICO related, not exactly sure what involvement an exchange as BTCChina has in this, but then it's only something that affects this exchange, and not others. It's quite annoying when there is no clear and solid source of information to read through - this only feeds the currently already boiling uncertainties. Ultimately, if this is going to stretch out to other exchanges in China as well, then we're freed from one major growth obstacle, that's for sure. I am quite sure that Japan and South Korea will keep pushing crypto in the Asian continent to newer highs in the forthcoming years.

[neuro-artisan]

OKcoin and Huobi may close their business as well.
https://twitter.com/SatoshiLite/status/908375715279597570

But if I think about crypto exchanges, there will be decentralized exchanges based on blockchain. So I don't think we will suffer in the long term.

[BitHodler]

But if I think about crypto exchanges, there will be decentralized exchanges based on blockchain. So I don't think we will suffer in the long term.

Decentralized exchanges are the way to go, but they will never deliver the same level of usability and convenience as the current centralized exchanges are doing ~ that's quite a big thing if you want to attract average joes.

Another major problem is that it is practically impossible to incorporate fiat into a decentralized exchange, but then without losing the decentralized aspect ~ current decentralized exchanges fail to deliver in that front.

You could say that a token-like system such as Tether may end up being a decent workaround 'solution', but Tether is based on how much USD sits in the reserve of a service, and thus can't be seen as decentralized.

[veleten]

OKcoin and Huobi may close their business as well.
https://twitter.com/SatoshiLite/status/908375715279597570

But if I think about crypto exchanges, there will be decentralized exchanges based on blockchain. So I don't think we will suffer in the long term.

this is what Charlie Lee thinks,decentralised exchanges can be shut down no less effectively as centralised if need be
don't see how is this a good thing (the closures and the price drop)
it only shows the bubbly nature and inability of the market to stomach the volumes released to support the price levels

[fisheater]

So stupid Chinese government, they will regret big when the Bitcoin prevails elsewhere, they are just out of the circuits, period

[RedX]

So stupid Chinese government, they will regret big when the Bitcoin prevails elsewhere, they are just out of the circuits, period

It really won't surprise me if China would  banned bitcoin totally in their country because they are the types that wouldn't want an economy that they cannot manipulate and clearly bitcoin will be a huge problem for them.

[buwaytress]

Well, just woke up to read that CnLedger has confirmed statements from BTCC that this move was voluntary on their own part. Plus, OKcoin and Huobi, the other two Chine giant exchanges have confirmed they heard no official statement saying anything from the govt. Still, anything slightly bad was always going to tip the bull over in this market condition. Anyone else selling stuff to buy new coins?

https://www.cryptocoinsnews.com/bitcoin-price-falls-to-3450-but-analysts-are-not-worried/

[TravelMug]

Well, just woke up to read that CnLedger has confirmed statements from BTCC that this move was voluntary on their own part. Plus, OKcoin and Huobi, the other two Chine giant exchanges have confirmed they heard no official statement saying anything from the govt. Still, anything slightly bad was always going to tip the bull over in this market condition. Anyone else selling stuff to buy new coins?

https://www.cryptocoinsnews.com/bitcoin-price-falls-to-3450-but-analysts-are-not-worried/

Ok so its voluntary on their part. I guess they already know that the hammer ban will come  though. So instead of waiting, they make the first move. I'm still not buying that the Chinese will totally shut down its doors on bitcoin trading. I believed that they will resume in a few months or so. For me, the Chinese just want to clear up everything else about ICO and trading platform that supports it and put another stricter regulations to protect their citizens being scam by ICO. IHMO. I just the Chinese investors are really nervous with all of this development and so the dumping continues.

[Carlton Banks]

Well, just woke up to read that CnLedger has confirmed statements from BTCC that this move was voluntary on their own part. Plus, OKcoin and Huobi, the other two Chine giant exchanges have confirmed they heard no official statement saying anything from the govt.

It really makes little sense, except from the cui bono (i.e. most cynical) perspective: did some officials from the Chinese government just collude on a huge insider trading manipulation  event? If so, it's tempting to point the finger at BTCC also, as their statement (as well as tweets made by Charlie Lee) played a major rhetorical role in the price movement. The timing of their initial statement, followed by the timing of statements revealing the voluntary nature of BTCC's decision look especially suspect.

What's more, the relevant institutional bodies in China know perfectly well that cryptocurrency exists and is a policy headache. Sudden decisions, publicised in such a way that the market suffers maximum volatility seems pretty questionable also. Nothing's changed since the last time Chinese officials got out their ban hammer, the only recent significant event in cryptocurrency just so happens to be a massive cryptocurrency price spike just occurred. But that's a total coincidence, of course.


It seems like alot of people have already learned this lesson from the previous PRC policy "changes", BTC trading volumes still haven't been especially high, despite the price movement (and the thinner the trading volume, the more speculative any price movement tends to be).

[veleten]

Well, just woke up to read that CnLedger has confirmed statements from BTCC that this move was voluntary on their own part. Plus, OKcoin and Huobi, the other two Chine giant exchanges have confirmed they heard no official statement saying anything from the govt.

It really makes little sense, except from the cui bono (i.e. most cynical) perspective: did some officials from the Chinese government just collude on a huge insider trading manipulation  event? If so, it's tempting to point the finger at BTCC also, as their statement (as well as tweets made by Charlie Lee) played a major rhetorical role in the price movement. The timing of their initial statement, followed by the timing of statements revealing the voluntary nature of BTCC's decision look especially suspect.

What's more, the relevant institutional bodies in China know perfectly well that cryptocurrency exists and is a policy headache. Sudden decisions, publicised in such a way that the market suffers maximum volatility seems pretty questionable also. Nothing's changed since the last time Chinese officials got out their ban hammer, the only recent significant event in cryptocurrency just so happens to be a massive cryptocurrency price spike just occurred. But that's a total coincidence, of course.


It seems like alot of people have already learned this lesson from the previous PRC policy "changes", BTC trading volumes still haven't been especially high, despite the price movement (and the thinner the trading volume, the more speculative any price movement tends to be).

you have to realise how does the press work in China:
there is one political party and it decides the course in which the country is moving
papers that are close to the goverment like:People's daily,Global Times,China Daily,China Public Security Daily etc. serve not as  news providers
but as some kind of an official informer,articles there are taken very seriously by any chinese companies or businesses
to defy such an "indirect recommendation" is unheard of,things could turn very sour for a business that tries