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It’s been a bad week for Bitcoin.
The price of the cryptocurrency continued its free-fall after one of the largest exchanges in China announced it was shutting down.
This follows on the heels of an article published by Caixin announcing the Chinese government plans to ban cryptocurrency trading on all domestic exchanges. Information coming out today seems to confirm the story reported by the Chinese publication. Cointelegraph reported, ‘information slowly appearing from China appears to confirm that trading will no longer be legal for Bitcoin-to-fiat platforms.’
BTC China, one of the country’s largest crypto exchanges, said in a tweet Thursday it plans to shutter operations by Sept. 30 as Chinese authorities crack down on cryptocurrencies.
Bitcoin responded, falling nearly 21% in a 24-hour period.
But despite the rocky week, some analysts say this doesn’t necessarily spell doom and gloom for Bitcoin, or cryptocurrencies in general. According to Cointelegraph, some in the cryptocurrency world say the moves by China will actually prove beneficial in the long-run.
This post was published at Schiffgold on SEPTEMBER 15, 201.
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