By
Steve Muchoki
May 6th, 2024
Bitcoin price reaches its “pre-crisis” level despite China’s crypto giant BTCC exchange has stopped accepting yuan and cryptocurrency deposits.
BTCC, Chinese cryptocurrency giant and operator of the oldest cryptocurrency exchange, has stopped accepting yuan and cryptocurrency deposits on Wednesday, September 27.
This follows the two-week-old announcement, when BTCC confirmed it would stop all trading on September 30. Caused by the authorities’ intention to crack down on the cryptocurrency sector in order to stamp out potential financial risks, the world’s top-five cryptocurrency exchange told its China-based users that they must withdraw funds by 12 p.m. local time on October, 30.
Starting from 12 p.m. local time, September 27, BTCC no longer accepts yuan or cryptocurrency deposits. The existing ones can be withdrawn within 72 hours of being requested, regardless of the digital asset reserve.
Recent BTCC’ post explained:
“If the user does not wish to retain the digital assets, please redeem it for [yuan] as soon as possible.”
Other China’s “Big Three” exchanges Huobi and OKCoin are also halting yuan trading by the end of October. However, announcements of the these two crypto giants read that their service closures would only cover yuan/BTC crypto tradin, what, in fact, means that Chinese customers could still trade one crypto asset for another on the two exchanges.
In such context BTCC appears to be taking the most active steps in phasing out trading. However, according to the exchange, its other domestic services, including mining pool, will operate without any changes.
Indeed, all that China-connected news had their negative affect on the bitcoin price, which lost nearly $1,000 and slumped to to less than $3000 at that time.
Nevertheless, now it seems, that the token’s price is not so vulnerable to Chinese new regulations, and that investors and crypto enthusiasts are getting used to the new market conditions.
Dima Zaitsev, Head of International Public Relations and Business Analytics Department Chief at ICOBox, sticks to the same point of view:
“That’s all folks: Looks like the Chinese effect which was providing downward pressure on the total cryptocurrency and ICO market capitalizations over the past two weeks has gone – it appears that the markets found a way to adjust to the new realities. This can be seen from the newest market analysis for last week just created by ICOBox. The total market capitalization is inching up once again.”
This really becomes quite vivid if to check out the current bitcoin price. After rising to $3900 level on Tuesday, September 26, at press time, according to the Coin Market Capitalization Index, it shows 7,73 percent daily growth, making already $4265 per token – the price bitcoin had before recent news about China’s exchanges’ shutdown came around.
Meantime, while Chinese regulators are moving closer to shutting down bitcoin trading in the country, traders seem to have a way to work around, either trading their coins through China’s WeChat, or moving with the same purpose to officially blocked Telegram.