Market Analysis Report (15 Sep 2017)

Bitcoin Price Slips Below $3,000 on Chinese Exchanges

Regulatory uncertainty shook the crypto markets yesterday, as traders grappled with increasingly-credible rumors that the People’s Bank of China (PBoC) will suspend trading at Chinese Bitcoin exchanges. Weighed down by this tumultuous climate, the bitcoin price has fallen below $3,000 at Chinese markets.

In the past 12 hours alone, Bitcoin has fallen by nearly 5,000 CNY on OKCoin – the equivalent of $738. Bitcoin is now trading at about 19,550 CNY ($2,979) at this exchange, whose $126 million BTC/CNY volume is the largest in the country. But OKCoin is not the only one. Every other major Chinese exchange prices Bitcoin below the $3,000 mark as well.

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BTCC Ceases China Trading

BTCC has announced it will be closing down its Chinese trading operations on the 30th of September. In statements on Twitter and on Chinese social media, BTCC said it would immediately stop onboarding new users, but that its mining pools would continue to operate normally.

“BTCC will stop all trading on the Chinese exchange on Saturday, September 30th. We apologize for the inconvenience. Please note that BTCC’s pool is not affected; customers will still be able to use our mining pool services.”

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ViaBTC Announces Closure

ViaBTC announced on their official website, the decision to officially close the exchange business in Mainland China on September 30th. Before that, the exchange will complete processing of all withdrawal requests of CNY and cryptocurrency assets. ViaBTC mining pool and cloud mining services will not be affected.

“ViaBTC has made a serious decision to carry out the spirits of the policy – we will officially close the website www.viabtc.com for exchange business in Mainland China on September 30th. Before that we will complete processing of all withdrawal requests of CNY and cryptocurrency assets.”

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DMM Joins Bitcoin Mining Race

Japanese e-Commerce Giant DMM revealed details of its Bitcoin mining venture with the launch of its ‘Virtual Currency Division’ that will oversee operations of the ‘DMM Mining Farm’, due for an initial launch in October. While the mining farm aims for ‘the completion of successful trials’ next month, DMM confirmed its intention to press ahead with full production by the end of the year:

“DMM Mining Farm will operate a mass-scale, made-in-Japan quality mining farm whose operating size will be unmatched by any of the domestic operators. During the year 2018, DMM will be one of the 10 largest mining farms in the world.”

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