Deposit Freeze at Chinese Exchanges Drives Bitcoin Price Below $400
The price of bitcoin on the CoinDesk USD Bitcoin Price Index (BPI) fell below $400 for the first time since November 2013 on 10th April, as major China-based bitcoin exchanges began reporting that they had received notice that their bank accounts would be shut down by banking partners. The initial drop occurred following an announcement from Chinese exchange BTCTrade.com, which was then corroborated by similar statements from Huobi and BTC100.org. The price of bitcoin has fallen rapidly in recent weeks, after rumors surfaced on 27th March that suggested the PBOC, China's central bank,....
Related News
There's a lot that's unclear in China right now. Yesterday, we learned that several exchanges in the country have stopped some services. Popular Chinese Bitcoin Exchange Huobi announced on its website that despite vicious rumors circulating that the People's Bank of China will be forcing banks and third-party payment processors to sever ties with bitcoin exchanges, they haven't heard any such news from the processors they work with. One of the processors (which has remained unnamed), however, did contact Huobi to discuss what CoinDesk says is "the potential risk of continuing [a]....
The vice prime minister of Ukraine has asked all major cryptocurrency exchanges to freeze accounts of all Russian users. However, some crypto exchanges have already denied the request. Binance confirmed it is “not going to unilaterally freeze millions of innocent users’ accounts” while Kraken says it is “not really a viable business option for us.” Ukraine Wants Accounts of All Russian Crypto Users Frozen Mykhailo Fedorov, vice prime minister of Ukraine, tweeted Sunday asking all major cryptocurrency exchanges to block addresses of Russian users.....
One also has to keep in mind how the US$800 mark is quite important, even more so for the Chinese. China has always been the driving force behind the Bitcoin price. Interestingly enough, it is the Chinese exchanges pushing the price well above the all-important US$800 threshold. It is up to the rest of the markets around the world to follow this lead. Them again, it is not certain the US market will get to US$800 anytime soon, as it is a major point of resistance. Many people woke up to can exciting surprise, as Chinese Bitcoin exchanges are trading at US$800 and above. Compared to the....
Prominent China-based bitcoin exchange OKCoin joins Hong Kong-based Bitfinex in freezing wire transfers, citing ‘issues’ with intermediary banks. The announcement was visible on OKCoin users’ dashboards yesterday, 18th April, and has since been shared on public message boards, including Reddit. The notice in its entirety reads: Starting from today (April 18, 2017), Okcoin would temporarily suspend USD deposit because of the issues with intermediary banks. Please do not make further deposit [sic] because your wires may be rejected by intermediary banks. We are actively looking for....
Two leading Chinese Bitcoin Platforms, Huobi and OKCoin have stopped users from withdrawing their bitcoin deposits. Bitcoin is a decentralized currency, but most Bitcoin exchanges aren’t. The drawbacks of such a model are now being witnessed firsthand by the Chinese cryptocurrency community. The leading Bitcoin exchanges in the region, OKCoin and Huobi are planning to stop their customers from withdrawing bitcoin from their respective accounts. The new measures implemented by two of the country’s big three exchanges follows the increased scrutiny of the Chinese Central Bank to prevent....