Another Blow To Bitcoin: Chinese Cryptocurrency Exchange BTCC Shuts Down China Operations

Bitcoin starts to plummet in value as the Chinese exchanges begin shut down

Bitcoin starts to plummet in value as the Chinese exchanges begin shut down

BTC China later tweeted that it will stop all trading on 09/30. The rumors were never officially confirmed, and major exchanges in the country-including BTCChina-initially said they hadn't received any official directives from the authorities.

ICO is offering digital coins for sale for new cryptocurrency ventures.

Bitcoin is created and exchanged without the involvement of banks or governments.

Bitcoin prices topped $5,013 earlier this month but were trading at around $3,600 early Thursday, down more than 28 percent from their peak.

Jamie Dimon, the current CEO of JPMorgan Chase, recently stated that he believes Bitcoin "is a fraud" and that it would all eventually come crashing down.

"After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30."
After having grown by 800% in the first half of 2017, the cryptocurrency market lost billions of dollars.

China's National Internet Finance Association recently issued a warning regarding the role of cryptocurrencies in facilitating illegal fundraising and money laundering.

China's crackdown "is all about protecting market stability and protecting the interest of investors, so halting these kinds of initial coin offerings is a very necessary action", Li said.

The exchanges mention the possibility of waiting periods for those with more than 50,000 yuan worth of digital currency. There has been no official announcement from the People's Bank of China, the central bank, but evidence for such a move is growing.

Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year. Digital currencies developed by authorities could be used for good, with the right regulation, he said.

A number of China's top bitcoin exchanges are preparing to suspend their services following instructions from the government. The collapse extended to as much as 30% this week since China began sending stronger signals of a clampdown on 8 September, making this the biggest five-day decline since January 2015, when it traded at around $200. Yunbi, another cryptocurrency exchange, also announced it would shut its trading operations on Friday, according to CoinDesk, the cryptocurrency news site.

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