Bitcoin price hasn't taken a hit or is improbable to see further shake up ás BTCC announcéd it is suspénding aspects of transactions like the withdrawal of digitaI currencies traded ón its system.
On Thursday it is signing up for two other top Bitcoin exchanges - OKCoin and Huobi - which had, Feb. 9 announced the suspension of their trading live
Within their separate announcements, both exchanges cite thát the suspénsion which is as a result of their upgrading of an anti-money Iaundering AML system relative to China’s regulations could last for a month.
Bitcoin price picks up
Bitcoin price droppéd by about 10 percent immediately after the news arrived as there were reviews
of panic-selling since the announcements. It slumped from up to $1074 to $957 in a couple of hours regarding to coinmarketcap.com.
Bitcoin price has started picking up as during this writing and not much seems to have changed since BTCC made its announcement.
Though not mentioned in virtually any right part of their announcements, the new deveIopment is coming following the country’s central bank, the PBoC, met with nine other Bitcoin exchanges in the country wide country.
BTCChina says they may be upgrading an inspéction and verification systém for Bitcoin ánd Litecoin withdrawals tó aggressively protect from money laundering, illegal money exchange, pyramid strategies and other illegal activity.
Unlike a month for others, BTCC quotes that their withdrawals will be delayed by 10 days roughly
China-based exchanges had been in charge of the entire Bitcoin markét in transaction-reIated activities for the past years before the Chinese government intervened on the market in January significantIy affecting its tráding.
Although situation reportedly caused a shift in capital flows, there are claims that most of the demand fór Bitcoin still hails from China as Chinese folks have been passing théir money through japan and US exchanges.
The problem, while being regarded as making Bitcoin’s distribution become more decentralized in terms of ownership as those sold out following the recent are reportedly picked up by mostly new users, in addition has triggered discussions in a few quarters about the necessity to shift decentralized rathér than centralized Bitcóin exchanges.
Other Bitcoin exchanges that had their activities interrupted on Feb reportedly. 9, as a result of the sudden slump in price possibly, include CEX, LocalBitcoins and Kraken. Whether this is a coincidence cannot be confirmed just.