China Plans to Shut Down Bitcoin Exchanges

China might be banning Bitcoin exchanges

Bitcoin Price Takes a Tumble Amid Rumors of China Banning Cryptocurrency Trading

If the Chinese government ultimately decides to handle the issue privately with its local trading platforms by cooperating with bitcoin exchange as it has done since November of 2016, bitcoin price will likely be able to recover beyond the $4,500 mark towards new all-time highs, given the successful short-term scaling of the bitcoin network through SegWit. Trading their yuan in for Bitcoin can allow Chinese investors to move funds outside of the country. And if it doesn't, will China get tougher, banning Bitcoin investment entirely?

On Monday, Bloomberg followed up with a report that China would ban the trading of virtual currencies on domestic exchanges, but permit over-the-counter transactions.

Notably, the ban has yet to be officially announced in China, according to the Wall Street Journal.

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For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies.

LocalBitcoins.com is a peer-to-peer bitcoin exchange, a site where you can list your own bitcoins for sale or buy bitcoins directly from other users.

Spokeswomen for the OkCoin and Huobi platforms told Reuters they had no information to share following a report by Chinese financial publication Caixin that sent the price of bitcoin down 6.6 percent on Friday. The three companies reassured their clients that they have not received any directives from PBoC and that they are willing to comply with any requests from the Chinese government and its financial regulators.

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The country accounts for a hefty portion of the Bitcoin market, with about 18% of trades being conducted in Chinese yuan, according to CryptoCompare. It once controlled more than 90 percent of the market in bitcoin's early days.

The source further went on to say that this ban is specifically targeted at "unauthorized trading at virtual currency exchanges", and not the blockchain technology itself. This is the second major Bitcoin price fall this past two weeks.

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