Btcc and ViaBtC closed.

[vit05]

[crackhawk]

thats a biggest bad news, but im not sure people in china will stop to invest at bitcoin

[jamids]

They are close but there are rumors again that they would re-open then when there are proper regulations for the exchanges. Rumor has it that they only did it because of the incoming conference so they need to act on the exchanges that they view as a threat to their financial institutions. They suspend trading but mining is still on-going. Maybe this is a good way then so that the government of China will not be able to spread FUD again in the future causing the price of bitcoin to have a drastic fall in price.

[BitcoinNewsMagazine]

ViaBTC closed their exchange in China but the mining pool is still in business. They have announced plans to reopen their exchange overseas for customers outside of China but there is no firm date yet.

[vit05]

ViaBTC closed their exchange in China but the mining pool is still in business. They have announced plans to reopen their exchange overseas for customers outside of China but there is no firm date yet.

Do you have the link of that? Where they would be located, Hong Kong?

[DaMut]

thats a biggest bad news, but im not sure people in china will stop to invest at bitcoin

that is not a 'big' news in my opinion,
because they already gave you a sign that they will close their door 'voluntarily' if not they will force them to close it.
there'll be Huobi and else following them to shut their door for the moment
(i got a message from them about it and waiting their costumer withdraw their money from them).
also i heard EOBOT will 'close' their service if they're banning people to mine it too in there,
(that is what i heard from their support,because most of their minning hardware located in the chinese).
there'll be another news following after one and another.
but will they stop investing their money into it ? i doubt it they will do it.
it's just stop for 'the moment' until they're enabling it again

[BrewMaster]

ViaBTC was not even a proper exchange with any volume. they only gained some remote popularity and their name was heard ONLY because of bitcoin cash which they listed first and remained the only one listing it for a long time.

P.S. don't confuse ViaBTC exchange with ViaBTC mining. they are two separate operations. the exchange was closed.

[Kyraishi]

Yep, and right now price is at $4270. So it does seem weird o me that price is rising, even though two of the bigger exchanges on the cryptocurrency scene have been shut down by the Chinese government and potentially more to come.

This seems to me like very bullish market acitvity.

People are dying to get a piece in bitcoin, and demand is soaring. Markets have also matured since they now know that closure of exchanges in one country doesn't really affect anything.

[squatter]

ViaBTC closed their exchange in China but the mining pool is still in business. They have announced plans to reopen their exchange overseas for customers outside of China but there is no firm date yet.

BTC China is doing the same -- they are already promoting their USD exchange. I'm not sure what kind of business it will attract, though. It seems like it's only getting harder to move USD to and from exchanges these days, too.

Yep, and right now price is at $4270. So it does seem weird o me that price is rising, even though two of the bigger exchanges on the cryptocurrency scene have been shut down by the Chinese government and potentially more to come.

This seems to me like very bullish market acitvity.

Well, I think we can assume that the Chinese exchange closures were already priced in. They were announced weeks ago, and the market dumped hard on the news already. More importantly, the market didn't dump hard on news of the Korean ICO ban or the rumors of a ban on cryptocurrency payments in Russia. That indeed suggests a bullish market.

[Fortify]

The people at the height of power within China like to control their people, whether that is through censorship or controlling any currencies that can compete with the Yuan. It is a shame they decide to target exchanges, instead of making a legal framework they can work within, because the Chinese people can still access bitcoin because of it's decentralized nature. The authorities probably didn't want them to grow or inform people that they can invest elsewhere.

[Pursuer]

Well, I think we can assume that the Chinese exchange closures were already priced in. They were announced weeks ago, and the market dumped hard on the news already. More importantly, the market didn't dump hard on news of the Korean ICO ban or the rumors of a ban on cryptocurrency payments in Russia. That indeed suggests a bullish market.

it is because you can not over-use the same FUD.
FUD is like anything else, it has a limited usability. it can be strong when it is well designed and it is new. but when it becomes old the market will also grow weary of it and consequently that FUD loses its effectiveness.

at some point it will even turn into the "boy who cried wolf". the China news has always been like this. each time price was being corrected you could see them try so hard and everyone ignored them until this year where news changed since they really closed exchanges once this year. I expect this "closing exchanges" and "banning ICOs" become old news and be ignored next year. and they will have to up their game.

[BitHodler]

It's sad to see BTCC having to shut down its Chinese activities, but it's nothing new at the end of the day. I however don't care much about ViaBTC closing down due to their Bitcoin Cash support.

Important thing is that with China now eliminating their Bitcoin exchanges, the western market will likely not be affected much anymore by China's future regulations ~ exactly how it should be.

It's quite annoying that each time one country (China in this case) is suffering from whatever local regulations, that the entire market is being taken down with it, and that should never be the case ~ we don't depend on one country.

[kachimasu]

They just need to go to another country and open again

[Jating]

They are close but there are rumors again that they would re-open then when there are proper regulations for the exchanges. Rumor has it that they only did it because of the incoming conference so they need to act on the exchanges that they view as a threat to their financial institutions. They suspend trading but mining is still on-going. Maybe this is a good way then so that the government of China will not be able to spread FUD again in the future causing the price of bitcoin to have a drastic fall in price.

Yes, that's what I also read that there is a chance that those exchanges will resume its operations. They just need to re-apply when a proper regulations will be put into place by the Chinese government. Let's wait and see how things will evolve at this point.

Yep, and right now price is at $4270. So it does seem weird o me that price is rising, even though two of the bigger exchanges on the cryptocurrency scene have been shut down by the Chinese government and potentially more to come.

This seems to me like very bullish market acitvity.

People are dying to get a piece in bitcoin, and demand is soaring. Markets have also matured since they now know that closure of exchanges in one country doesn't really affect anything.

The market is very bullish right now. I think it is already price in. Maybe those investors are moving their funds to other exchanges outside of China that's why we are seeing a new surge in price. Or it is just new faces are ready to join despite the negative news that we are hearing lately.

[batang_bitcoin]

Sadly that's because of the new regulation of the Chinese government.

ViaBTC closed their exchange in China but the mining pool is still in business. They have announced plans to reopen their exchange overseas for customers outside of China but there is no firm date yet.

Give the link of this as this is a big hope for the industry. I think there's no need for them to reopen overseas as the Chinese gov't will be removing the ban and will change the regulations that they are implementing right now.

[djsugar]

The best part is market is behaving completely opposite to what this news could have done. Bitcoin is bullish rather than being adversely effected by the shutdown announcement. This shows that market will not plunge more even if government officially bans every exchange and thus Bitcoin will remain bullish in Oct as well. Price should touch another ATH in Oct and we might see $6000 easily by Nov.

[Kyraishi]

They are close but there are rumors again that they would re-open then when there are proper regulations for the exchanges. Rumor has it that they only did it because of the incoming conference so they need to act on the exchanges that they view as a threat to their financial institutions. They suspend trading but mining is still on-going. Maybe this is a good way then so that the government of China will not be able to spread FUD again in the future causing the price of bitcoin to have a drastic fall in price.

Yes, that's what I also read that there is a chance that those exchanges will resume its operations. They just need to re-apply when a proper regulations will be put into place by the Chinese government. Let's wait and see how things will evolve at this point.

Yep, and right now price is at $4270. So it does seem weird o me that price is rising, even though two of the bigger exchanges on the cryptocurrency scene have been shut down by the Chinese government and potentially more to come.

This seems to me like very bullish market acitvity.

People are dying to get a piece in bitcoin, and demand is soaring. Markets have also matured since they now know that closure of exchanges in one country doesn't really affect anything.

The market is very bullish right now. I think it is already price in. Maybe those investors are moving their funds to other exchanges outside of China that's why we are seeing a new surge in price. Or it is just new faces are ready to join despite the negative news that we are hearing lately.

Personally i think it's just people learning about bitcoin and the demand for bitcoins below $5000 has just skyrocketed. Even though we experienced some resistance at $4k i think that it is safe to say that $4k now is the floor.

Now, i don't think that price is going to be affected much at all if even all Chinese exchanges shut down.

People already are expecting the worst.

[Kemarit]

It's sad to see BTCC having to shut down its Chinese activities, but it's nothing new at the end of the day. I however don't care much about ViaBTC closing down due to their Bitcoin Cash support.

Important thing is that with China now eliminating their Bitcoin exchanges, the western market will likely not be affected much anymore by China's future regulations ~ exactly how it should be.

It's quite annoying that each time one country (China in this case) is suffering from whatever local regulations, that the entire market is being taken down with it, and that should never be the case ~ we don't depend on one country.

Yes, its really sad to see BTCC or any exchanges shutting down its operations because their government says so. The only one that will really be affected by their decision is the Chinese community who learn to love bitcoin. But well the government has already made their decision so the Chinese bitcoin community should abide by it.

The recent events really show that bitcoin is not tied or depend on a country. Well on certain extend it has cause damage to the ecosystem. However, bitcoin proves it resiliency and started to rise from all this setbacks because the market seems to be very bullish despite all of this.

[dothebeats]

Today is the deadline for all Chinese exchanges to close and liquidate everything. I'm kinda wondering whether PBoC would loosen its grip in regards to exchanges and bitcoin in general. I see that they're concerned about the recent surge of ICOs that could potentially burn many people and their money but banning bitcoin exchanges because of this is completely far-off.

I'm expecting that after a month or two—or even earlier next year—this decision would be overruled and exchanges may be given licenses to operate again. Fortunately, the market doesn't seem to care about China rumors anymore, which is a good thing.

[terrific]

I'm expecting that after a month or two—or even earlier next year—this decision would be overruled and exchanges may be given licenses to operate again. Fortunately, the market doesn't seem to care about China rumors anymore, which is a good thing.

Exactly this is what's circulating on my mind about those exchanges that just recently closed. News says, that these decisions that are being stated by the PBoC are just temporary until they made rules before they will distribute license to those exchange that will file their interest of operation again. I like on how the market reacts, as we did saw the reaction before and now there's no more dips happening.