The Falling Bitcoin Prices Finally Gets a Breather; Huobi and OkCoin Gets One More Month
Amidst all the major crackdown on the local Bitcoin exchanges and trading platforms in the country, it seems that bitcoin investors today are getting to breathe some fresh air and a momentary relief. Chinese officials and regulatory bodies have been cracking-the-whip on the exchanges and have asked the cryptocurrency exchanges to shutdown all the operations as of for now.
Yesterday, one of the China’s largest Bitcoin exchanges, BTCC, posted an official statement on its Twitter handle saying that it will be closing all its Bitcoin trading operations from the 30th of September. This was soon followed up by another Bitcoin exchange ViaBTC who have confirmed that they too will be closing their operations by this month end.
Moreover, other reports coming earlier this day showed that Chinese regulators are now issuing verbal directives to exchanges explaining them all the steps and procedures they need to undergo to shutdown their trading operations. The directives show further procedures these exchanges should meet in order to coordinate with local regulators and how they should further handle the existing customer data and banking relationships.
The entire cryptocurrency market which has been gripped with all panic and fear, following the series of reports coming from China, is finally now getting to breathe some fresh air. Two of the China’s top three exchanges – OkCoin and Huobi have been given some exemption by the officials which allows them to operate for one more month.
China’s local news platform Caixin the reason these two exchanges have been given an exemption for one more month is the lack of ICO operations they performed in the past. A leaked document which has been supposedly made by Chinese officials states that:
“Because the two platforms have large numbers of users and have not performed ICO operations, the relevant departments have given Huobi and Okcoin a one-month buffer period to stay open until the end of October before shutting down.”
This announcement of extended operations certainly came as some sort of breather to the global investors, as markets witnessed a bit of positive momentum after continuing to bleed for the past few days. Bitcoin prices bounced back from $3200 to $3700.However, investors are still staying cautious for the moment as nothing specific can be rightly anticipated about what is in store ahead and yet to come.
At the time of publishing this article, Bitcoin price was $3767. In Indian Markets, Bitcoin prices was INR 2,87,000.
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