Community post
Bitcoin currency rises after China exchange shutdowns
BITCOIN'S price has jumped back towards $4,000, as the cryptocurrency staged a recovery after China closed down exchanges BTCC, OkCoin and Huobi in a move that prompted a steep crash in value.
The value of the digital currency is now hovering at around 3,000 on Friday amid fears the bitcoin bubble was bursting.
Bitcoin's price had surged by around 700 per cent over the past 12 months to hit record highest of near $5,000.
But the bottom appeared to fall out after the Chinese government carried out a major crackdown.
BTCC has now announced it will end trading at the end of the month, with OkCoin and Huobi closing at the end of October.
A Chinese government notice said: "All trading exchanges must by midnight of Septermber 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations.”
Platforms must also tell the government by September 20 how they will allow users to make withdrawals in a risk-free manner and handle funds to make sure investor interests are protected.
The price also came under pressure after JP Morgan boss Jamie Dimon called bitcoin a fraud, and promised to fire staff dealing the digital money for being "stupid" and "dangerous".
Replies (2)
Btc $5000 by end of 2017!
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