All About BTC, LTC, ETH mining as well as other alternative crypto currencies
As more Chinese crypt currencies announce they are stopping to accept cash deposits as being requested by their banks and payment processors the Bitcoin exchange rate and that of other crypto currencies has dropped again today down to almost $400 USD. The new exchanges that join the ranks of the ones that already announced that they are stopping to accept deposits in Chinese Yuan from users are BTCTrade and BTC100 that have released official announcements today. Huobi, another exchange that we mentioned last that has also come out with official announcement that they are also stopping deposits in cash. And with April 15th coming in just a few days you can expect that the remaining Chinese exchanges will also follow in these steps. There is still no official announcement coming out from PBOC, though exchanges are being notified by their banks and payment processors. If you were still doubting about the ruling for banks and payment processors to stop servicing the accounts of 15 of the top crypto exchanges in China, then you should probably stop now as it seems clear that this is happening already.
Do note that China is not banning Bitcoin and crypto currencies and most likely crypto currency exchanges will find another way of continuing to do business and trade coins for cash. All that China is doing is trying to limit the crypto to cash exchanges, and all of the exchanges will continue to trade crypto-crypto exchange pairs without problems. And hopefully they will soon find an alternative solution for cash to be used to buy and sell crypto currencies, so that the Bitcoin markets will finally calm down a bit and instead of going down will stabilize and may start going up. That is unless of course China decides to actually ban the crypto currencies in a month or two for example as that is not entirely impossible as well.
Bitcoin and Litecoin prices continue to go down due to the panic that the information about the Peoples Bank of China possibly ordering banks and payment processors to stop servicing the accounts of Chinese crypto currency exchanges. This information has no yet been fully confirmed, but Bter, one of the larger Chinese crypto exchanges with English supports has announced the temporary suspension of deposits of Chinese Yuan. CNY withdrawals are currently unaffected however and people are able to withdraw cash from the exchange and on the CNY markets prices are going down as a result. It seems that the exchange got a notice from their payment processor and not an official information from PBOK. The announcement was published only in Chinese, though considering that this can affect prices significantly for other users as well it would’ve been nice to see an official English translation as well and not to have to rely on translation services. Still, it seems that after China brought the prices of Bitcoin and Litecoin up quite a lot last year, now they may bring them back to the old levels of sub $200 per BTC and sub $3 for LTC.
With all the panic in China regarding the trading of crypto currencies for cash that brought the price of crypto currencies down the BTCe crypto currency exchange has seen some potential in attracting new customers and has added Chinese Yuan trading options. The exchange now has two new trading pairs available BTC/CNH and LTC/CNH and also USD/CNH that is available only on their MT4 software trading platform that you can download and use for trading on the exchange. Since this is a new feature that has just been announced the trading volume is not yet significant, however in a few days it will probably grow a lot.