Chinese leading trading platforms have imposed halts on withdrawals resulting in traders flocking to peer-to-peer marketplaces to continue buying and selling bitcoin.
Bitcoin future in the Asian market is arousing speculations after Chinese exchanges suspend Bitcoin withdrawals.
President Donald Trump has recently announced a number of executive orders that aroused global uncertainties and resulted in bitcoin price recovery.
Managers of world’s leading bitcoin exchanges discuss why bitcoin price has been so volatile recently.
Chinese biggest bitcoin exchanges unveiled on Sunday they will impose trading fees, as the government is tightening control over digital currency.
The People’s Bank of China found some violation of rules in the operations of major bitcoin exchanges.
China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
The People’s Bank of China emphasized that bitcoin is not a currency and can’t circulate in the market as a real currency.
The current price slump is strongly connected with attempts of China to shore up the yuan.
Bitcoin has gained 123% in 2016, making it the top performing currency for the second year in a row.
Bitcoin offers instant and anonymous transactions, which made the cryptocurrency gain increased popularity in 2016.