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Crypto – Bitcoin Stock Market in China Gives Up | News

Thursday, September 14th, 2017 | Economy

The stock exchange operator BTC China, one of the world's largest Bitcoin trading venues, ceases to report from Thursday to September 30th. The announcement caused the cyber-currency exchange.
"The BTC China has set a few big exclamation points," said analyst Timo Emden of Handelshaus IG Group. "There will be further price drops in the next few days." Bitcoin slumped on the Bitstamp trading platform by up to 11.3 percent to a five-week low of 3426 dollars. At BTC China, it was even down 32 percent to 17,000 yuan (2590 dollars). Also the courses of Internet currencies such as Ethereum, Bitcoin Cash and Ripple declined significantly.
According to own data, BTC China will no longer have any new customers at the end of the month. The company called the harsher gait of the Chinese government against speculation with Bitcoin & Co. The authorities had forbidden stock exchanges of cyber currencies, so-called initial coin offerings (ICO), at the beginning of the month. In the previous months, Chinese investors had invested 333 million euros in these ICOs. "The outbreak of BTC China creates panic in the market and the fact that it lacks details makes it no better," said the founder of the digital currency platform Cryptocompare, Charles Hayter.
The news portal Yicai reported, citing financial circles in Shanghai that China wants to close all crypto exchanges in the country by the end of September. Already last week, a media report on the allegedly planned closure of the Chinese exchanges for Internet currencies had caused uncertainty.
A fraud?
Analyst Emden assumes that other exchanges will follow BTC China and stop trading. The Chinese BTC rivals OkCoin and Huobi did not want to comment on whether they are considering similar steps. China has by far the largest share of global trade in cryptic fermentation.
According to the CoinMarketCap platform, the market capitalization of all around 900 cyber currencies is estimated to be $ 122 billion, just over 170 billion a few weeks ago. Despite the recent setbacks, Bitcoin is currently still nearly four times as much as at the beginning of the year. At the beginning of September Bitcoin had reached a record high of almost 5000 dollars.
Jamie Dimon, the head of US bank JPMorgan Chase, described Bitcoin as a fraud a few days ago. The digital currency would not work because it had come out of nothing. Bitcoin will end in a crash, he predicted.
(Reuters)

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