China has Stop Bitcoin Exchanges Due To Bitcoin Value Drop

China has "Stop Bitcoin" Exchanges Due To Bitcoin Value Drop

Now, in another major blow to the cryptocurrency supporters, Bitcoin is witnessing a heavy tumbling in the U.S. after it was reported that Chinese regulators have ordered the national Bitcoin exchanges to shut down, which have been witnessing an exponential rise in the country 4 years ago.

“If this sets out to be true, then this sell-off is completed, and we could see additional downside over the weekend, as it could indicate the large Bitcoin/Chinese yuan exchanges will need to halt trading,” he added.
Bitcoin dropped to a low of $4,227 on the BitStamp App and last traded at $4,309.80, down 6.6 percent. On Sept 2, it hit a life high of nearly $5,000.

According to a report by the Bloomberg, China’s central bank has led a draft of instructions to implement the shutdown. This has led to a heavy downfall in Bitcoin prices on Chinese trading platforms like Huobi.com.

However, spokespersons of exchanges like Okcoin and Huobi have said that they haven’t received any notices and they’re still in operation.

Still, Bitcoin was still up almost 346 percent this year.

John Spallanzani, chief macro strategist at GFI Group, said Friday’s trials could be short-lived. “Bitcoin is here to stay,” he said.

Whatever might be the future implications, the current Bitcoin scenario is looking bleak.

Blockchain, a digital ledger of activities underpinning Bitcoin, has leaped to influence as it enables users to track and record assets over all industries.





“This is just China pressing the ‘Pause button,” said Chu.