Bitcoin (BTC) price is down because BTCC is closing its China exchange
Shanghai-based BTCC said it would halt trading on its domestic cryptocurrency exchange by Sept. 30, ter response to tighter control overheen trading crypto tokens by China&rsquo,s central bankgebouw. This followed a report from restringido media (te Chinese) telling that the exchange had received a wordy notice to halt trading from Shanghai&rsquo,s financial regulator.
BTCC said on Twitter that it wasgoed closing its domestic exchange, which operates at BTCChina.com, te response to a Sept. Four notice from China&rsquo,s central bankgebouw that forbade trading te cryptographic tokens issued through &ldquo,initial coin offerings.&rdquo, The exchange had traded a token called ICOCoin, which wasgoed began by a BTCC co-founder. The regulatory notice did not explicitly verbod trading te digital currencies such spil bitcoin and ether&mdash,but BTCC will shut down its trading of such currencies for Chinese customers spil well.
The rock hard said ter a notice on its webstek it would zekering registering fresh users on BTCChina today, and that all trading there would halt by Sept. 30. It said its other businesses, which include a mining pool it operates, and an exchange that doesn&rsquo,t overeenkomst with Chinese customers, were unaffected.
The two other major Chinese exchanges, Huobi and OKCoin, proceed to operate spil natural. Both exchanges told Quartz they had not received any fresh directives from regulators.
BTCC, founded te 2011, assumed the mantle of the world&rsquo,s oldest bitcoin exchange after the collapse of Mt. Gox ter 2014. It wasgoed originally known spil BTC China, and te the aftermath of Mt. Gox&rsquo,s collapse, it also became the thickest bitcoin exchange ter the world by trading volume. Its Chinese rivals eclipsed it overheen time, fueled by a business proefje that permitted users to trade for free, albeit BTCC remained a major player. This fee-free specimen also shoved China&rsquo,s trading volumes to grow to overheen 90% of the universal market.
Trade volumes ter China today are an significant, but much smaller part of the entero bitcoin markets. Trade te Chinese yuan accounted for 12% of all trading on entero exchanges, compared to 36% for the US dollar and 40% te Japanese yen overheen the last 30 days, according to gegevens verhoging Crypto Compare. Volume on Japanese exchanges is also likely inflated by the fee-free specimen they adopted from their Chinese counterparts.