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Bitcoin cost drops following news that China is going to close down internal exchanges

Another day, another crash and another Chinese ban. This time, as Reuters spotted, a singular report from financial news site Caixin is observant that a Chinese supervision is deliberation banning cryptocurrency exchanges in China.

In particular, a news is observant that Chinese adults won’t be means to use exchanges to buy bitcoins, ethers and some-more regulating Chinese yuan, and clamp versa.

Cryptocurrencies aren’t criminialized per se, usually exchanges. But do bitcoins have value in China if we can’t sell them? That’s a categorical doubt and a reason since cryptocurrencies are crashing.

This is what it looks like on coinmarketcap.com right now:

Bitcoin is now down 7.7 percent, Ethereum is down 11 percent, Bitcoin Cash (which is utterly renouned in China) is down 11.2 percent, etc. But if we go on Chinese exchanges, a pile-up is even some-more important. For instance, Bitcoin is down 13.4 percent and Ethereum is down 18.4 percent on OKCoin.

As always, it’s a bit tough to know for certain what’s going to happen. There’s usually a singular news about this decision. Chinese investors could be perplexing to exit cryptocurrency markets as fast as probable since they risk being sealed into cryptocurrencies.

Those exchanges have already been regulated with KYC (know your customer) manners and anti-money laundering rules. Margin trade is also banned in China.

Maybe a Chinese supervision wants even some-more control and is going to emanate a centralized sell and umpire those markets as most as possible. It’s tough to know for certain as Chinese law is always really sudden.

Earlier this week, a Chinese supervision banned ICOs in China. There’s now an ICO solidify and a tip 60 ICO platforms are being investigated. Authorities suspicion ICO tokens were like securities, and some of them were a scam.

This isn’t a initial time China is banning exchanges. Back in 2013, bitcoin forsaken some-more than 50 percent as a supervision asked BTCChina to stop usurpation deposits in Chinese yuan. The supervision altered the mind after on.

Article source: https://techcrunch.com/2017/09/08/bitcoin-price-drops-following-report-that-china-is-going-to-shut-down-local-exchanges/?ncid=mobilenavtrend