Bitcoin Price Recovers, But Some Cryptos Struggle In Aftermath of Meltdown

16 September, 2017, 15:54 | Author: Valerie Burke
  • Bitcoin prices are dropping after BTCChina halts trading on regulators' concerns

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 bitcoin trading - 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.

According to CNBC, strategist Tom Lee believes bitcoin could surge to $25,000.

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.

On Wednesday, JPMorgan CEO Jamie Dimon called the cryptocurrency a "fraud", which also send the cryptocurrency market slumped.

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