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.
It seems that some more Chinese crypto currency exchanges have received notices from their banks and payment processors and the result is again some drop in the Bitcoin and other crypto currency prices as they were just starting to get back up. Following the recent announcement from the exchange Bter now it seems that BTC38, FXBTC and OKCoin have also stopped accepting Chinese Yuan deposits. It seems that another of the Chinese crypto currency exchanges called Huobi could be planning to stop accepting deposits as well. Meanwhile the situation is still not very clear, but with so many exchanges taking action it seems that the People’s Bank of China (PBOC) is really trying to control the boom in crypto currency trading in China. The good news is that after the initial drop in price caused by these news this morning, now we are already seeing the BTC price starting to recover.