This mini price crash may continue as China has supposedly ordered bitcoin exchanges to shut down and has given them a scheduled deadline as follows:
Before 20 September 6pm, exchanges shall come up with a detailed risk-free clearing plan, and send this plan to the office. Exchanges shall deal with their claims and liabilities properly, and insure that investors’ funds and virtual currencies are safe.
Before 20 September 6pm, exchanges shall determine a bank account, which will be used for depositing user funds. All other accounts in banks and other non-bank payment service providers shall be canceled and reported to the Business Management Department of People’s Bank of China.
Before 15 September midnight, exchanges shall publish closing announcements, and announce a schedule to stop the trading of all virtual currencies. New user registration shall be stopped immediately after the announcement.
Shareholders, controllers, executives, and core financial and technical staff of exchanges shall cooperate fully with authorities during the clearing, while staying in Beijing.
Exchanges shall report their developments daily to local authorities before the clearing is completed.
Exchanges shall save all user trading and holding data, and send it to local authorities immediately in DVDs.
The document is signed: The office of the Leading Group of Beijing Internet Financial Risks Remediation, Sept. 15, 2017
Source: https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/
Having in mind the amount of miners that are based in China this may cause a big sell off of coins between now and the deadline, therefore enabling the rest of us to buy bitcoin and alt coins at excellent rates.
