China's Bitcoin Trading Volume Rises Significantly Despite Exchange Ban Talks

China's Bitcoin Trading Volume Rises Significantly Despite Exchange Ban Talks

China's Bitcoin Trading Volume Rises Significantly Despite Exchange Ban Talks

However, the Chinese market has shown that it does not necessarily perceive the suspension as a threat. Momentum is rebuilding in China, despite the ongoing bitcoin exchange ban talks and the PBoC's supposed introduction of plans to suspend bitcoin exchanges indefinitely.

Editor's Remarks: The People's Bank of China and regulators declared cryptocurrency "initial coin offerings" illegal last week, and now they are further tightening controls by banning the exchange of virtual currencies into RMB and other legal tenders. All three venues reported transactions on Monday, with bitcoin rising 6.3 percent on OKCoin as of 11:56 a.m. local time.

It's still legal to mine Bitcoins and invest in them, but for how much longer? In response to the news, the Bitcoin prices have dipped to a low of $4,108, according to CoinDesk.

Keiser and other analysts had changed their targets due to the unexpected exponential adoption and integration rate of the Bitcoin Core development team's transaction malleability and scaling solution Segregated WItness (SegWit), which has significantly and efficiently scaled the bitcoin network for the short-term. Trading volumes by Chinese bitcoin trading platforms are close to reaching all-time highs and in terms of daily trading volume, China has already surpassed the US.

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However, subsequent tweets simply claimed anyone with a "warrant" would be targeted, and said fugitives should go to jail instead of shelters.

China's largest bitcoin exchanges are still awaiting clarification from the government following more media reports that Beijing is planning to ban trading of virtual currencies on domestic exchanges, but markets were largely subdued on Monday.

The reports have not yet been confirmed as yet and the market awaits any news from the Chinese regulators regarding this.

"I would assume that if China shuts down trading on continuous order books of the large exchanges, the price would drop below $4,000, or the price of the U.S. dollar price of bitcoin would catch up to where it's trading equivalently in China, " he said. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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