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Chinese bitcoin exchange to stop trading, price plunges 16 percent

17 September 2017, 01:11 | Myrtle Vega

Chinese bitcoin exchange to stop trading, price plunges 16 percent

Chinese bitcoin exchange to stop trading, price plunges 16 percent

The cryptocurrency tumbled to as low as 3,720.01 on the Bitstamp exchange before recovering to trade around 3,810 by 1524 GMT, still down 8.7% on the day.

"The Chinese ban is causing a panic in the market as mixed messages and lack of clarity has turned sentiment negative", Charles Hayter, founder of data analysis website Cryptocompare, told the Reuters news agency.

The writing was on the wall when The Wall Street Journal reported on Monday that the Chinese government meant to shut down bitcoin exchanges after banning ICOs the previous week.

Huobi and OKCoin said they would stop taking new customers and yuan deposits immediately. Starting now, exchanges will gradually be discontinuing pairings of digital assets against RMB.

The document, which was issued on September 5 by the "Leading Group of Beijing Internet Financial Risks Remediation", lists a series of steps each exchange must go through.

China has notified regional regulators that it aims to stop exchange trading of cryptocurrencies by the end of the month, according to people familiar with the matter.

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The current round of announcements began on the Sept 4, when the government made the sale and trading of ICO tokens illegal across China.

While a USA cryptocurrency ban isn't likely, we are likely to see increased regulatory scrutiny of the cryptocurrency economy-especially from the Securities and Exchange Commission. Other businesses that the company runs, including a mining pool, physical bitcoin line of products, and an global cryptocurrency exchange will continue to operate normally. Earlier today, the Bitcoin price (BTC/USD) for the first time in six weeks fell below $3,000, posting double-digit percentage gains over the past 24 hours.

The government in Moscow plans to legalize and regulate cryptocurrencies as securities, with a bill expected by the end of the year, Siluanov said last week. Many believe that certain segments of the market will take advantage of the unclear news cycle to create a sell-off and buyback opportunity.

What's more, Chinese bitcoin markets account for approximately 98 percent of total bitcoin trading volume worldwide.

"It's worse than tulip bulbs", JPMorgan Chase CEO Jamie Dimon said Tuesday.

An expert in bitcoin at Westminster Business School, David Coker said it was surprising that Dimon attacked bitcoin as JP Morgan was working on its own cyrptocurrency called Quorum.

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