China Follows Suit A Day After Japanese Bitcoin Exchanges announces to halt trading.
Bitcoin exchanges are experiencing extreme volatility with the deadline of August 1st looming in the horizon. With their backs pressed against the wall they will now have to take the final call regarding the fate of Bitcoin trade. Considering the possible split of the virtual currency, halting trade momentarily seems like the most viable option.
Following the Japanese Bitcoin community, the Chinese fraternity is all set to cease all deposits and withdrawals for the time being. This action of the Chinese exchange operators is bound to send repercussions causing fluctuations in Bitcoin prices in the upcoming weeks.
In spite of being dethroned by Korean and Japanese Bitcoin exchanges, China is still a hotbed for cryptocurrency mining. The Chinese Bitcoin exchanges have taken a joint decision of freezing the Bitcoin trading platform for a 24 hour time period on August 1st when trial run of UASF and SegWit2x Blockchains will be conducted.
The Bitcoin rollback is expected to bring along its own consequences but the Chinese exchange officials wish to be rather safe than sorry. Huobi, one of the leading Chinese Bitcoin exchanges have vouched their support for forked coins. This trade facilitation from Huobi comes as a breather to many whereas other are worrying about the associated dangers.
Raging a competition among multiple blockchains surely won’t do much good to the virtual currency ecosystem. However taking into account the rising discrepancies among various community members, the time for split is not far.
August 1,2017 is going to mark a mammoth change in the field of Bitcoin. Bitcoin prices have been undergoing major fluctuations since last week. It surely won’t come as much of a surprise if the Bitcoin price zooms up in the weeks to come. However once things start coiling back to normal, Bitcoin is expected to track towards $3000 USD or even higher.
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