The Chinese Exchange Bter Has Stopped Accepting Yuan Deposits

31 Mar
2014

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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.

– You might want to keep a look out on Bter’s website for further development and news…

BTCe Crypto Currency Exchange Adds Chinese Yuan Trading

30 Mar
2014

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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.

– For more information about the addition of Chinese Yuan trading pairs on the BTCe exchange…

AuroraCoin A Week After the Start of the AirDrop

30 Mar
2014

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It is already 5 days since AuroraCoin, the crypto currency that had the the idea of national distribution of premined coins to the population of Iceland, started distributing 31.8 AUR to Icelanders. The so called AirDrop requires people from Iceland to request their AUR coins by identifying with a National ID and the claim page is only available in Icelandic. There has been a lot of controversy regarding the idea behind the AuroraCoin, but initially it has helped the crypto currency to have a really high market cap and value, also because of the big number of premined coins that were not yet in circulation. Now, 5 days after the start of the AirDrop or the procedure for Icelanders to claim their AUR coins, the things may not look so bright when you look at the price of the crypro currency at the moment.

Out of the 50% that have been premined with the idea to be given away to Icelanders, so far about 755854 AUR coins are already in circulation through the AirDrop, or about 7.2% of a total 10,500,000 Airdrop coins in just 5 days. This is according to the official information available, though there is a lot of speculation going on weather people are in fact claiming their AUR coins or it is all a scam and somebody is dumping premined coins on the market. The fact that since the start of the AirDrop the price of AuroraCoin has gone down significantly instead of going up is not helping either. It could be all due to people claiming their coins dumping them immediately on exchanges to get Bitcoin or real cash for them – this can be expected if somebody gives you free cash. There is a spike in the volume of trades and mostly sell orders, so it is normal for the price to drop and it seems that the bottom of the price has been hit at around 0.003 BTC per AUR and it is starting to recover, though still far from the previous levels of 0.02 BTC per AUR before the start of the AirDrop or the even higher levels before that. We’ll see how things progress in the future as the AirDrop for AuroraCoin continues and more coins are supposedly distributed to people of Iceland as this is something that will show what is the potential for other “national” crypto currencies…

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