Bitcoin Price Recovers in China Making Up For Huobi, OKCoin Withdrawal Suspension
Bitcoin price has fully recovered since the temporary Bitcoin withdrawal suspension on Huobi and OKCoin traders, having increased from $980 to $1,123 within two weeks. On Jan. 18, Huobi and OKCoin were requested by the People’s Bank of China (PBoC) to overhaul their know your customer, hereinafter KYC, and anti-money laundering, hereinafter AML, regulation. Local publications including the Shanghai Observer reported that the PBoC told the two exchanges they were in violation of local regulations and failed to meet industry-wide standards. Three weeks after the PBoC made its initial request....
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Bitcoin price has not taken a hit or is not likely to experience further shake up as BTCC announced it is suspending aspects of transactions including the withdrawal of digital currencies traded on its platform. It is joining two other top Bitcoin exchanges - OKCoin and Huobi - which had on Thursday, Feb. 9 announced the suspension of their trading activities. In their separate announcements, the two exchanges cite that the suspension which is as a result of their upgrading of an anti-money laundering AML system in accordance with China’s laws and regulations could last for a month.....
Based on technical indicators and moving averages, prominent trading and investment platform Investing.com states that it is optimistic for Bitcoin traders to purchase the digital currency for both short and long term profit. On Feb. 9, Bitcoin price plunged overnight, decreasing from $1,060 to $964. Bitcoin has already recovered since then, rising back to $1,030 in most major markets. Shock and panic. Last week, the People’s Bank of China halted withdrawals for Bitcoin and Litecoin users of Huobi and OKCoin, two of the largest Bitcoin exchanges in China that control roughly 20 percent of....
Rui Ma is an early-stage investor in technology companies with the global accelerator program and seed fund 500 Startups. Residing in Beijing, she is an active member of China's bitcoin community. Some bitcoiners might still remember when BTC China was the dominant bitcoin exchange in China. Well, those days are long gone. These days, newer exchanges Huobi and OKcoin regularly top the charts for trading volume. Monday, for example, their 24-hour volumes are at 106,942 and 126,973 respectively, third-place CHBTC is at 35,349, while BTC China lags far behind at 4,344. Huobi, in particular,....
Today, in an announcement to their site, OKCoin has implemented the immediate suspension of recharge activities via their Chinese Merchant's Bank account. Instead, OKCoin has moved onto a recharge code system with 0 fees, the same as BTC China. These recharge codes can vary in value from 100 yuan to 100,000,000 Yuan. OKCoin recharge codes are split into two portions: sections A and B. There is an intentional parallel to Bitcoin private and public keys in this new fiat recharge/withdrawal method. The first portion of the code, section A, can be used by anybody to query the amount of fiat....
The Bitcoin price plunged by 9 percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges. The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month. Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market. The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis. In the morning of Jan. 9, almost immediately after a meeting took place....