Bitcoin Exchanges must toe the line in China

Bitcoin has been on a roller coaster for the first month or so in 2017.  The market has been reacting to news coming out of China, currently the largest Bitcoin trading market.  Here is a blow by blow account of what has transpired to date.

The Bitcoin market started off on a high note in January as Bitcoin tops $1,000 for first time in three years as 2017 trading begins.

Bitcoin is going bananas they said!

And then it all came tumbling down as the news broke of the Peoples Bank of China meeting with the largest Bitcoin Exchanges to investigation anti-money laundering, price manipulation and whether KYC documents are in place.

China Launches Bitcoin Crackdown: PBOC Will Probe Abnormal Investor Behavior “And Rectify Misbheavior”

The Bitcoin price reacted and Bitcoin falls 10% as China plans to investigate exchanges.

Bitcoin traders in China were freaking out!

Then we heard more news… China’s Bitcoin Exchanges Suspend Margin Trading

But the market started to recover towards the end of January 2917 as Bitcoin is shrugged off some big news of out of China

All was going well until more news regarding the investigations carried out by the PBOC and the exchanges emerged.  China’s Central Bank Finds Bitcoin Exchanges Out of Step on Regulation

Warnings were issued!

Then we saw Bitcoin’s Price Resilient After PBOC Met With Nine More Exchanges and all seemed to be well.  Until the news broke as Chinese Exchanges Suspend Withdrawals for One Month.  

The Peoples Bank of China are enforcing regulation and this is a step in the right direction and will bode well for a wider spread Bitcoin Adoption and investment.

Bitcoin Price Sinks Below $1,000 as Exchanges Cut Services

The no-fee trading is stopped as China’s Bitcoin Exchanges Impose Fees Following Central Bank Meeting

Bitcoiners are concerned regarding PBOC’s Interference with Bitcoin 

PBOC Actions Affected More Than Just Bitcoin Price, altcoins took a hit too!

This is the Status of Chinese Bitcoin Exchanges Post PBOC Meeting

latest development, More Chinese Exchanges Impose Bitcoin Withdrawal Delays 

See the live price movement here

Compare prices between the various exchanges here

Image – TradeBlock


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