Shutting it Down?
This update will be short and sweet. China, for the second time since 2013, is looking to pull the plug on allowing exchanges to operate within the country. They have already banned ICOs as there have reportedly been major issues with scams stemming from the digital open market and false claims deriving from some of said coin offerings.
History Repeats
The last time China asked BTCChina to stop accepting deposits in Chinese Yuan (2013), the overall value of bitcoin dropped by 50%. Naturally, just the simple news of something similar happening is enough to send BTC in a downward trend for the short term. If speculating, pulling out may be a good option at the moment.
China is Huge
The increase in popularity of digital currency by the large nation, accounted for 45 percent of the global market share in the last month alone. If that doesn't tip you off to the epic amount of influence China & China's govt. has on Bitcoin, who knows what will. It's also worth noting that last year, Chinese investors bought bitcoin and hedged their bets against the Yuan. I can't think of a Govt. that would like that very much.
-Rowland Akinduro
nurdthug news