We’ve apparently entered one of those market lulls in cryptocurrency, as prices remained basically unchanged on Wednesday for all but a few favored cryptocurrencies.
Legacy bitcoin (BTC) was just under the $4,000 mark, standing at $3,997 at mid-day, up under one percent in single-coin pricing.
Mixed messages continued today about China’s intentions regarding its cryptocurrency exchanges and initial coin offerings.
Late last week, the two largest Chinese cryptocurrency exchanges, Huobi and OKCoin, announced that they would close the yuan trading part of their business as of Oct. 30.
Although no official pronouncement has been issued, reports are surfacing that indicate China’s cryptocurrency exchanges have been told they are to voluntarily shut down.
A social media document has been posted to China’s Weibo network that indicates steps that must be undertaken by the exchanges.
There was blood in the streets today, as the cryptocurrency market continues to melt down following bad news from China and a prominent banker.
Legacy bitcoin (BTC) was at the $3,300 single-coin pricing level at mid-day, down more than 14 percent. It was the biggest one-day loss in months,
Reports are mounting that cryptocurrency exchanges in China will be closed – although no official word has been publicly issued – and at least one prominent exchange has announced plans to close.
BTCC CEO Bobby Lee tweeted out the following today:
1/ After carefully considering the announcement published by Chinese regulators on 09/04,
Legacy bitcoin (BTC) plunged below $4,000 on Wednesday morning, as the market continued to be spooked by ongoing China developments and remarks by JP Morgan Chase CEO Jamie Dimon.
BTC was at the $3,800 level for single-coin pricing as of noon ET,
Day two of the Great China Crypto Hostage Situation. Cryptocurrency investors continued dancing along the edge of the knife today, as all eyes were turned toward China and awaiting its decision on the future of its digital currency exchanges.
Multiple reports have indicated a consortium of financial agencies,
Nervous Chinese cryptocurrency exchanges are scrambling following numerous reports that China is about to shutter their businesses.
China news service Caixin jump-started the issue last week, reporting that a consortium of financial institutions, including the central bank, had decided to shutter the exchanges.
Reports are multiplying that China is about to shut down its domestic cryptocurrency exchanges. The move follows a decision by regulators last week to ban initial coin offerings (ICO).
On Monday, Bloomberg News and the Wall Street Journal followed an initial report by China’s Caixin news service that regulators have ordered a halt to all digital currency trading platforms in the country.
