Has Winter come to Bitcoin with exchange closures in China ?

Chinese Bitcoin Exchanges Will Likely Not Be Banned After All					            Joseph Young

China is no more a dominant bitcoin trader as earlier.

The nosedive comes after reports claim China plans to stop exchange trading of cryptocurrency by the end of September.

The decision by China to tighten up on other crypto-currencies including bitcoin has sent a chill through the virtual currency markets of the world, a symbol of the supremacy of the investors of the country in the trades.

Chinese authorities will close down bitcoin exchanges across the country, according to Market Watch.

However, not everyone feels that this is the end for Bitcoin exchanges in China.

JPMorgan's CEO Jamie Dimon didn't help matters when he launched an attack on bitcoin, calling it a "fraud that will eventually blow up" - investment banks have made it clear that they disapprove of the cryptocurrency market. Beyond that, according to The Verge, three of China's main exchanges made up almost half of all of the global market share for the trailing 30 day period up to the announcement.

The worldwide value of Bitcoin has plunged in recent days amid speculation that the Chinese authorities will shut down the trading platforms following last week's ban on initial coin offerings.

The country has seen an explosion of digital currency trading, sparking fears about the financial risks and speculative investing. Digital currencies developed by authorities could be used for good, with the right regulation, he said.

Panic also spread to other cryptocurrencies, with bitcoin's main rival ether - sometimes called ethereum - also down around 10 percent, according to Coinmarketcap.

Digital currency Bitcoin continues to fall against the dollar on Friday, following a 16% collapse in its value on Thursday. Any Chinese citizen traveling to the United States or Western Europe can easily purchase Bitcoin at any one of several thousand public ATMs selling the cryptocurrency. While the motivations behind the move and the trading restrictions are unclear, such a ban could affect an estimated one-quarter of all bitcoin transactions. Chinese business news magazine Caixin estimates that Chinas share of total global bitcoin tradingvolume peaked at around 90 percent. "Platforms should also tell the government by Wednesday Sept. 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 news outlet detailed.

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