Having bounced back dramatically from the 20% plunge following China's ban of ICOs, Bitcoin is getting battered again this morning on very heavy volume as Caixin reports Chinese authorities plan to shut local Bitcoin exchanges.
The supervisory authority has decided to close the exchange of virtual currency in China , which involves all the currencies and currencies of the currency , such as "currency line", "coins" and "Bitcoin China."
Journalists confirmed the news from the person who came close to the Internet Financial Risk Special Rectification Working Group (hereinafter referred to as the Leading Group) and learned that the resolution had been deployed to the local level.
This is following the September 4 People's Bank of seven ministries and commissions joint announcement (hereinafter referred to as the announcement) after further supervision action. The announcement will mark ICO (Initial Coin Offering) as "illegal financial activities" and order the ICO to be banned on the date of publication of the announcement. All ICO tokens trading platforms need to be cleared to close the transaction.
The reaction is swift...
With all the largest cryptocurrencies tumbling...
However, if traders read the full report, Caixin explains the regaulory crackdown is on ICOs and not Bitcoin...
The purpose of regulation is not limited to more than 60 ICO tokens trading platform, will not engage in a number of ICO virtual currency trading platform into the clean-up range, limited to close.
... but the regulation is not against the virtual currency itself, nor does it prohibit the one-on-one off-exchange of the virtual currency.
Buy the dip?