Cryptocurrencies sinks on report suggesting China shutting down domestic exchange

Are there more regulations coming for Cryptocurrencies going forward?

***Bitcoin (BTC) trading at $4,163, expected to break through the sideway trading seen over the past 2 weeks.

***Updated 28/9/2023, 0458 (UTC+08:00, Singapore Time)


**OKCoin and Huobi, two of the largest cryptocurrency exchanges in China, have released press statements confirming that they will shut down all trading between bitcoin and china yuan on their exchanges by October 31.

**Updated 16/9/2023


Bitcoin (BTC) is down 9.38% to $4,232.60 in a single day, on the report of China planning to shut down the domestic exchange for cryptocurrencies.

*As of 9/9/2023, 0429 (UTC+08:00, Singapore Time)


According to a report by Caixin, the regulatory authority has decided to close the domestic exchange between China renminbi and all virtual currency. This follows a Monday ruling (4th Sept) of China central bank banning all Initial Coin Offering (ICO). Such ICO was described by China regulators as “a form of unapproved illegal public financing”, which raises suspicion of fraud and criminal activities.

Earlier in February, withdrawal/ exchanging of Bitcoin was briefly banned with the ban finally lifted in June. Other major cryptocurrencies such as Ethereum (ETH) down 9.68% to $298.05, while Bitcoin Cash (BCH) is down 11.74% to $573.

Is this the end of the cryptocurrencies era in China? Or the start of a larger fallout?


*Note: All mentioned price in USD.

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