Three of China’s Biggest Bitcoin Exchanges Are Shutting Down

Three of China's biggest bitcoin exchanges are shutting down

  • Two of China’s largest exchanges for buying and selling Bitcoin, OKCoin and Huobi, announced on Friday that they will stop trading Bitcoin for Chinese yuan effective immediately.
  • While the suddenness of the Bitcoin trading ban was surprising, it reflects a larger trend in China toward regulating crypto markets.
  • Fears that this would lead to an outright ban on trading cryptocurrencies in China were confirmed Thursday when the Chinese news outlet Yicai reported that “the order has come from above” to shutter all Chinese Bitcoin exchanges by the end of September.
  • The announcement OKCoin was followed by a document leaked on the Chinese social media site Weibo that purports to show the contents of a verbal directive issued to Chinese Bitcoin exchanges from government officials.
  • Read More: China is on Track to Fully Phase Out Cash

    At the time of writing, most major Chinese Bitcoin exchanges had complied with the government’s directive.

The announcements come in response to a Chinese directive to halt Bitcoin trades by the end of the month
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Bitcoin price surpasses $5,000 for first time — RT Business

  • The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
  • The cryptocurrency reportedly reached its highest market price of $5,149 thanks to Chinese bitcoin exchange OkCoin.
  • The new record comes amid news that six big banks have joined a project developing a new settlement currency based on blockchain technology – the world’s leading software technology used by bitcoin, ethereum, and other cryptocurrencies.
  • Originally started by UBS, the new currency could pioneer how central banks chose issue cryptocurrencies.
  • “We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point,” UBS director Hyder Jaffrey told CoinDesk.

The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
Continue reading “Bitcoin price surpasses $5,000 for first time — RT Business”