Yesterday we all see that the Bitcoin Bridge is falling down and down. Rumors said that Bitcoin drops after a Chinese Exchange closes. Also all altcoins dumps yesterday.
Bitcoin price dumped about 13 percent yesterday after one of the biggest exchanges in China said it will shutdown its operation. BTC China tweeted yesterday that it will close down its operations by September 30 as Chinese authorities crack down on cryptocurrencies.
China is tightening its grip on the burgeoning currency. On Sept. 4, Chinese media outlet Caixin reported that regulators banned companies from raising money through initial coin offerings (ICOs), referring to them as an unauthorized fundraising tool that may involve financial scams.
"This all because of China. Chinese investors have until September 30th to get their money out of exchanges before they close," Brian Kelly, CEO and founder of BKCM and a CNBC contributor, said in an email. "This is a market structure drop and not a drop on fundamentals, therefore this is a buying opportunity."
SOURCE: https://finance.yahoo.com/news/bitcoin-dropping-now-big-chinese-121404921.html
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