Bitcoin Price Recovers, But Some Cryptos Struggle In Aftermath of Meltdown
16 September, 2017, 15:54 | Author: Valerie Burke
Jiang Yang, vice chairman of the China Securities Regulatory Commission, said at a forum held in Beijing yesterday that China should be more cautious on innovation in the finance industry to prevent fiscal and systematic risks.
But although Chinese exchanges used to dominate bitcointrading - according to their reports - because of the fact that they did not charge fees, volumes have plunged since January, when Chinese authorities made fees mandatory.
China's bitcoin exchanges have received instruction that they will need to stop new user registration from today, September 15.
Till recently, Bitcoin and other crypto-currencies were hailed as something that would usher in a new world order for the monetary system and challenge the establishment, including global central banks.
The Chinese central bank's announcement last week meant that Chinese firms would no longer be able to issue electronic currency units to raise funds.
A freeze in the Chinese bitcoin market is a major blow to investors. Beijing started early in 2017 to tighten the grip on bitcoin selling platforms by limiting payments.
But in recent times, these new-age currencies have been losing the battle against regulators. Bitcoiners across social media are not pleased with the ICO movement tarnishing bitcoin's reputation and believe the news from China is a direct result of that particular market.
Crypto to crypto trading will still be allowed and exchanges, for now, if they choose, can carry on business without uncertainty on the RMB issue.
Regardless, such an all-encompassing pronouncement has led to a spectacular drop in the price of Bitcoin, losing 35% of its value, from a late-summer high of $5000 to around $3400 as of September 14.
There were nearly 40 platforms in China contributing to the initial coin transactions as of mid-July and nearly 65 problems have already been carried out in the country, lifting a sum of 2.6 Billion Yuan, as per a group of Chinese experts mentioned in the local media. Miners process Bitcoin transactions and, in exchange, are rewarded with newly created bitcoin.
And its final plunge will reveal even more about the make-up of Saturn's atmosphere before Cassini disintegrates like a meteor. Three other spacecraft previously flew past Saturn , but Cassini was the only one to actually circle the planet.
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On the other hand, Linux very rarely receives updates and there is no news yet on when they will plan to release a patch. Android , Apple, Google , Microsoft, Samsung Mobile and Tizen have all been confirmed by US CERT as being affected.
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We urge Congress to listen to the prominent Democrats and Republicans who have expressed their outrage over this issue. Let Congress know that we don't end dreams in America, we nurture them. - Donald J.
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