Hot on the heels of Bitkan’s OTC bitcoin trading shut down, BTC China – one of the Middle Kingdom’s largest bitcoin exchanges – announced that it too will suspend bitcoin trading.
No explanation was given for the move, though we do know that Chinese regulators have been jonesing to close the nation’s bitcoin exchanges amid fears of fraud, capital flight, and potential losses to mom and pop investors.
It also comes after the PBOC decided to halt all ICOs, which, interestingly enough, was the primary reason Bitkan decided to suspend its OTC bitcoin and bitcoin cash trading.
This could simply be exchanges shutting down on their own volition rather than have Beijing do it for them, or it could be that regulators are already forcing these closures behind the scenes. In any case, cryptocurrencies are having a really bad day. Bitcoin tanked to $3,101.01 from a high of $3,458.79, while Ether slipped to $214.83 from a high of $243.49.
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