Bitcoin China to cease digital assets trading

Bitcoin China to cease digital assets trading

The announcement followed almost a week of uncertainty about the future of bitcoin exchanges in China.

In a tweet, BTC China said it had carefully considered the Chinese regulator's decision to crackdown on the cryptocurrency and would stop accepting new account registrations. Earlier this this year, Ethereum gained worldwide notoriety following a runaway increase in value that triggered a frantic GPU purchasing spree that left the PC gaming world reeling over graphics card availability and rampant price increases.

And it's been the main driver of a boom in a value of all cryptocurrencies, which started the year valued at $17 billion and are now worth close to $180 billion.

Summary: The value of Bitcoin fell dramatically on Thursday.

Bitcoin is now trading below $3,000, diving over 40% in two weeks.

He went on to say that only drug dealers, murderers or if you are in Venezuela, Ecuador or North Korea, you would be better off dealing in bitcoin rather than in USA dollars. NIFA also said that cryptocurrencies had no legal base of foundation in China.

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While a number of media outlets such as Reuters are reporting that virtual currencies are to be banned outright in China, the regulator - the People's Bank of China - is yet to to make a formal statement, but few expect it not to make such a move.

The price of Bitcoin tumbled sharply following the BTCC announcement late on Thursday but has since regained some ground. Yesterday, it was going for around $240, and during the most-recent rally it went close to the $400 mark.

On Tuesday, at the Barclays Financial Services Conference, Jamie Dimon, the CEO of JPMorgan, called Bitcoin a fraud and said that the bubble will ultimately burst. The dip is largely due to the actions of one exchange that kicked off a panic sell, and not a fundamental flaw in the currency itself.

But that has prompted regulators in the country to crack down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year.

"The current pricing assumes massive adoption, and I don't think governments will allow the amount of adoption that's now priced in", said Mohamed El-Erian, chief economic adviser at Allianz Global Investors, on CNBC Wednesday morning. When new rules are put in place, there's bound to be shakeups. Many currencies regained substantial portions of those losses by this past weekend, only to find that the bitcoin ban caused prices to drop early in the new week.

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