BTCC to halt at month-end on BoC crackdown
The most widely watched digital currency was hit on Thursday, as uncertainty continued over regulation for exchanges in China. BTC China, one of the biggest Bitcoin platforms in the country, announced it will stop all trading on September. BTCC products, including BTCC Pool, are not affected, the operator said, as the price shortly fell to as low as 16,000 yuan. The decision follows an announcement from earlier in the month, published by supervisors from the Bank of China, that all initial coin offerings (ICOs) will be banned.
The Bitcoin fell to $3,605.1, the lowest point since August 22, and traded 5.06% down at 2:05 pm CET, buying $3,655. Compared to the yuan, the cryptocurrency slumped 24% to 19,000 at the affected exchange, while elsewhere the loss was up to 21%. One coin bought €3,065, a drop of 5.43%. Spinoff digital currency Bitcoin Cash shed 11.5% to change hands at $450.2.
Still, the pullback in the Bitcoin is dwarfed by the 53% gain in the past three months. Hu Bing from the Institute of Finance Banking has expressed belief the BoC's ban is only temporary, until legal issues are cleared.