Bitcoin Forum
April 20, 2018, 05:23:21 AM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [2017-09-14] Bitcoin Sinks as China Is Said to Order Exchange Halt This Month  (Read 3292 times)
White sugar
Legendary
*
Offline Offline

Activity: 1078
Merit: 1001


View Profile
September 15, 2017, 09:34:57 AM
 #1

Bitcoin tumbled, heading for its worst week since January 2015, after people familiar with the matter said China aims to stop exchange trading of cryptocurrencies by the end of September.

Regional Chinese regulators were notified of the plan by a central bank-led group overseeing Internet finance risks, said the people, who asked not to be named because the information is private. Bitcoin dropped 9.3 percent to $3,077.55 at 9:22 a.m. in London, extending this week’s decline to 28 percent.

The notice suggests Chinese policy makers will move quickly with their most far-reaching measure to rein in the growth of cryptocurrencies. China’s crackdown, which includes a ban on initial coin offerings announced last week, has fueled an abrupt reversal in bitcoin after the digital currency soared more than 700 percent in the 12 months through August.

The digital currency tumbled on Thursday after BTC China, one of the country’s largest cryptocurrency venues, said it would stop handling trades by month-end. Rivals OKCoin and Huobi said they haven’t received any regulatory orders to halt. The People’s Bank of China didn’t immediately reply to a faxed request for comment.

The cryptocurrency ban will only apply to trading on exchanges, people familiar with the matter told Bloomberg on Monday. Authorities don’t have plans to stop over-the-counter transactions, the people said.

While Beijing’s motivation for the exchange ban is unclear, it comes amid a broad clampdown on financial risk in the run-up to a Communist Party leadership reshuffle next month. Bitcoin’s surge over the past few years has fueled concerns of a bubble and prompted warnings of a potential crash from skeptics including JPMorgan Chase & Co.’s Jamie Dimon and billionaire investor Howard Marks.

Read more: Forget $3,000, the Bulls May Have Lost If Bitcoin Breaks $2,877

China accounts for about 23 percent of bitcoin trades and is also home to many of the world’s biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

Some market observers have speculated that Chinese regulators will allow cryptocurrency exchanges to re-open once the government has measures in place to provide greater oversight.

Matt Roszak, the chairman of Washington-based Chamber of Digital Commerce and an investor in BTC China, said he anticipates that the exchange will resume operations by year-end.

“That is the expectation based on months of discussions -- the timing of which may be impacted a bit with the ICO phenomenon,” Roszak said in an email. “China is preparing to provide licensure for less than a handful of exchanges as it grapples with the meteoric increase in cryptocurrency trading, and speculation on ICOs -- licensure and engagement with government will help propel this industry forward.”

Predictions for an eventual resumption haven’t done much to comfort bitcoin traders. The cryptocurrency swung to a loss after Bloomberg reported the government notice and is now trading at the weakest level in six weeks.

https://www.bloomberg.com/news/articles/2017-09-15/china-is-said-to-call-for-bitcoin-exchange-halt-by-month-end-j7lblmdg
1524201801
Hero Member
*
Offline Offline

Posts: 1524201801

View Profile Personal Message (Offline)

Ignore
1524201801
Reply with quote  #2

1524201801
Report to moderator
1524201801
Hero Member
*
Offline Offline

Posts: 1524201801

View Profile Personal Message (Offline)

Ignore
1524201801
Reply with quote  #2

1524201801
Report to moderator
1524201801
Hero Member
*
Offline Offline

Posts: 1524201801

View Profile Personal Message (Offline)

Ignore
1524201801
Reply with quote  #2

1524201801
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1524201801
Hero Member
*
Offline Offline

Posts: 1524201801

View Profile Personal Message (Offline)

Ignore
1524201801
Reply with quote  #2

1524201801
Report to moderator
1524201801
Hero Member
*
Offline Offline

Posts: 1524201801

View Profile Personal Message (Offline)

Ignore
1524201801
Reply with quote  #2

1524201801
Report to moderator
btcone111
Full Member
***
Offline Offline

Activity: 224
Merit: 110


View Profile
September 15, 2017, 11:09:22 AM
 #2

Buy more now. If you don't sell, you don't lose.
Buy more now and HODL

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
      Best FREE BITCOIN!!! A chance to win 0.01 BTC every hour! 100% Free BTC lottery tickets to win 0.7BTC!    ║    
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
wnj4
Sr. Member
****
Offline Offline

Activity: 546
Merit: 350


NOBT - WNOBT your saving bank◕◡◕


View Profile WWW
September 15, 2017, 11:55:22 AM
 #3

What is the expected duration of this,and what percentage decline in price during this period?

            ██████████  ██████████▄▄
         █████████████  ██████████████▄▄
   ▄███  █████▄                  ▀▀███████▄
  ██████   ▀█████▄          ████     ▀▀█████
 █████        ▀█████▄       ████        █████
 ████            ▀████      ████         ████
 ████         ██▄   ▀█  ██▄ ████         ████
 ████▌        █████▄    ████████        ▐████
 ▐████        ████████    ▀█████        ████▌
  █████       ████ ▀██  █▄   ▀██       █████
   █████      ████      ████▄         █████
    █████▄    ████       ▀█████▄    ▄█████
     ▀█████▄  ████          ▀█████▄   ██▀
       ▀█████▄                 ▀█████
         ▀██████▄▄          ▄▄██████▀
            ▀▀████████  ████████▀▀
                ▀▀████  ████▀▀
Take care of your financial privacy
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
A blockchain loyalty scheme and more
██
██
██
██
██
██
██
██
██
██
██
██


███████████████
███          ██████████████████
████████████████████████████████
███                          ███
███                          ███
███             ██           ███
███       ██   ██   ██       ███
███      ██    ██    ██      ███
███       ██  ██    ██       ███
███                          ███
███                          ███
████████████████████████████████


           ████    ████
       █████████ ████████
                           
████████████████████████████
█████████████████████████████
██████████████████
██████████████████ ███████████
██████████████████ ██    █████
██████████████████ ███████████
██████████████████
█████████████████████████████
████████████████████████████


        ▄█████▄
      ▄█████████
     ████    ███▌
    ███       ██▌
   ▐██ ███  ████
   ▄███████████
  ███████████▀
 ████  ███ ██▌
▐██       ███
▐███    ████
 █████████▀
  ▀█████▀
██
██
██
██
██
██
██
██
██
██
██
██
ANN         Slack
Twitter    Telegram
Nobt-plataform
kevinn669
Sr. Member
****
Offline Offline

Activity: 280
Merit: 250


Tokens That Store Virtual Energy


View Profile
September 15, 2017, 02:29:31 PM
 #4

What is the expected duration of this,and what percentage decline in price during this period?

No one will give you such a forecast. The world of crypto currency is very unpredictable, so we can only guess what will happen in the coming weeks.


            ████████████                                                     
 ▄▄▄▄▄▄▄    ███          ▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄  ▄▄▄    ▄▄▄▄▄▄▄  ▄▄▄▄▄▄▄▄▄▄       
 ██▀▀▀▀██▄  ███         ██▀▀▀▀██▀▀▀▀██▀▀▀▀ ▐███▌   ██▀▀▀▀██▄▀▀▀▀██▀▀▀▀       
 ██     ██  ███   ▄▄    ██▄    ▀    ██     ██ ██   ██     ██    ██           
 ██ ▄▄▄██▀  ███  ████   ▀██████▄    ██    ▐█▌ ▐█▌  ██ ▄▄▄██▀    ██           
 ██  ▀██▄   ███   ▀▀    ▄    ▀██    ██    ███████  ██  ▀██▄     ██           
 ██    ▀██▄ ███         ██▄▄▄▄██    ██   ▐█▌   ▐█▌ ██    ▀██▄   ██           
 ▀▀      ▀▀ ███          ▀▀▀▀▀▀     ▀▀   ▀▀     ▀▀ ▀▀      ▀▀   ▀▀           
            ████████████     █████████████                                   
                                       ███                                   
         ████████ ██▄      ██          ███  ████████▄   ▄▄█████▄▄  ██▄     ▄██
         ██       ████▄    ██     ▄▄   ███  ██    ▀██ ▐██▀     ▀██  ▀██▄ ▄██▀
         ██▄▄▄▄▄▄ ██▀███▄  ██    ████  ███  ██   ▄▄██ ██              ▀███▀   
         ██▀▀▀▀▀▀ ██  ▀███▄██     ▀▀   ███  ██ ███▀▀  ██    ██████     ▐█▌   
         ██       ██    ▀████          ███  ██  ▀██▄  ▐██▄     ▄██     ▐█▌   
         ████████ ██      ▀██          ███  ██    ▀██▄  ▀▀█████▀▀      ▐█▌   
                              ████████████                                   
      ▄▄▄▄        ▄███▌
    ▄▄▄▄▄       ▄████▀
               █████   
    ▄▄▄▄▄▄▄▄ ▄▄ ▀▀   
 ▀▀████████▌ ▐██▌     
     ▀▀▀▀▀▀▀  ▀▀ ▄▄   
               █████▄ 
             █▄ ▀████▌
             ███  ▀███▌
             ███    ▀▀▀
             ███       
             ███       
             ███           
            ▐███▌     
           ▄█████▄     
  ▄▄▄▄▄▄▄▄█████████▄▄▄▄▄▄▄▄
 ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Register and Get Access
Facebook   Telegram
Twitter       Announcement
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!