Bitcoin Exchange BTCC to Stop ‘All Trading’ from September 30

Prices of bitcoin plummeted after the announcement, according to a report by The Paper.

Regulators in China have been investigating the domestic market for bitcoin and other virtual currencies since January of this year. However, there was no explicit threat to criminalize individual bitcoin trading.

Another China’s leading cryptocurrency exchange Huobi isn’t going to stop digital currency trading as they haven’t received any guidance from the government yet. The decision was made after “carefully considering” Chinese regulatory bodies’ September 4 announcement on preventing risks associated with token fundraising.

The reports came after China announced a ban on initial coin offerings, a kind of fundraising via virtual currencies in order to finance start-ups. It said its decision was based on a September 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies.

In an ICO, a company issues a new digital currency that can either be spent within its ecosystem, a bit like Disneyland dollars, or used to power part of the business.

A statement from the collective reads that “the rise and adoption of cryptocurrency globally, particularly Bitcoin, is a fascinating developing in how people store value and transact goods and services worldwide”.

He also said he would fire any JPMorgan trader he saw trading bitcoin, calling them “stupid”, and “dangerous”. On Wednesday, he said people called bitcoin a bubble that was bursting at one point, and then it smashed their expectations. According to the New York Times, one such large-scaling mining farm, housed inside a line of old factory buildings, accounts for nearly one-twentieth of the whole world’s daily cryptocurrency production.

The price of bitcoin tumbled particularly sharply on BTCChina after the news. We believe there is a possibility the prices will go down over the next few hours and days but there will be a support price for all cryptocurrencies beyond which the decline isn’t likely.

On September 8, the Chinese magazine Caixin, and later Bloomberg reported that the country will prohibit trading in crypto-currencies on local exchanges.