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Author Topic: Deadline given to Beijing-based Bitcoin exchanges  (Read 358 times)
Aamir1 (OP)
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September 17, 2017, 11:12:56 AM
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Deadline given. Customers are informed to withdraw their funds.

BTCChina to stop its trading services on 30th of September.

https://news.bitcoin.com/beijing-deadlines-bitcoin-exchanges-customers-withdraw-funds/

How much is this going to affect the price of bitcoin?
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September 17, 2017, 11:22:26 AM
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How much is this going to affect the price of bitcoin?

since this is at least a couple of days old, i say nothing.

we knew exchanges will be closed 1.5 weeks ago. the exchanges also started releasing the news that they will stop operating at least 3-4 days ago. and price took its course (nose dive).

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September 17, 2017, 11:48:24 AM
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People taking out their funds from those exchanges will probably want to do so, often, by cashing out, so as long as these exchanges operate, they will force some downward pressure on the price (though the initial panic selling wave seems to have past a couple of days ago). Once the exchanges close, the downward pressure will disappear, as other entities continue to operate normally and absorb the temporary surplus of supply.
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September 17, 2017, 12:15:59 PM
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Does anyone know if the Friday deadline mentioned there really is the date for application of new exchanges? Doesn't seem very clear and could be a translation misinterpretation. I would assume that the deadline for closure is to give time for the government to prepare the necessary setup for taking in registration applications. Should be interesting to see what kind of criteria they would require to qualify.

I give it maximum til December before applications are reviewed and licenses given. Then we'll see all these giants returning to business, albeit with lower volumes. Can't see a date beyond 2018, as they'll not want to bleed out business to Korea and Japan.

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September 17, 2017, 12:19:13 PM
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This kind of news, speculations really worries me. Despite China is dominating the market, I know that doesn't literally mean that would be end of crypto currencies but anyway I don't like it.
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September 17, 2017, 12:33:01 PM
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People taking out their funds from those exchanges will probably want to do so, often, by cashing out, so as long as these exchanges operate, they will force some downward pressure on the price (though the initial panic selling wave seems to have past a couple of days ago). Once the exchanges close, the downward pressure will disappear, as other entities continue to operate normally and absorb the temporary surplus of supply.

if these users sell on the exchanges because of panic sell and then cash out the fiat then there will not be any additional "surplus of supply" on any other exchange!
instead there will be a recovery because of the huge drop and then because of that recovery (which is a price rise) there will be a lot of FOMO and all those who sold prior to this will start FOMO buying with the money in hand.

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October 25, 2017, 08:42:04 PM
 #7

Deadline given. Customers are informed to withdraw their funds.

BTCChina to stop its trading services on 30th of September.

https://news.bitcoin.com/beijing-deadlines-bitcoin-exchanges-customers-withdraw-funds/

How much is this going to affect the price of bitcoin?

The price fell!!!

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