Chinese exchanges suspend withdrawals of virtual currency while the country’s central bank increases pressure on bitcoin companies to stem capital outflows.
The overall markets under deep correction as China brings ban on local investors to trade even from foreign exchanges.
China will likely resume cryptocurrency trading after licensing exchanges as measures for cryptocurrency market regulation.
OkCoin and Huobi are to stop all trading services for local customers till the end of October putting an end to crypto exchange markets in any form in China.
Chineese authorities have ordered domestic Bitcoin exchanges to cease trading and immediately notify users of their closure.
Bitcoin is trading below $4,000 as the tightening regulation and negative comments from industry leaders keep investors worried about the cryptocurrency’s future.
Rumors about Chinese government’s plans to ban trading of bitcoin and other virtual currencies on domestic exchanges no longer affect Bitcoin price.
The SEC seeks advice of organizations and officials related to the approval of the Winklevoss twins’ Bitcoin ETF to get independent insight.
Bitcoin continues its steady growth and moves from an alternative asset to a mainstream payment form for businesses.
Bitcoin price recovers as Chinese authorities and bitcoin industry push for regulatory alliance.
Chinese leading trading platforms have imposed halts on withdrawals resulting in traders flocking to peer-to-peer marketplaces to continue buying and selling bitcoin.