Bitcoin Price Falls 9% Overnight As 2 Chinese Exchanges Stop Withdrawals
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....
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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....
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Caixin is a respected Chinese financial news source. Bitcoin prices have dropped nearly 10% across all Bitcoin exchanges, with the bulk of the action understandably located on Chinese Bitcoin Exchanges. A few hours ago, Caixin published a Chinese article claiming that the PBOC has met with commercial banks and third party payment processors, in particular those that do, or have done, business with Chinese Bitcoin Exchanges to remind them of the PBOC's stance. This Caixin article is written by a different author than the last Caixin article that was commented on in Western media (which....