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Bitcoin Has A China Problem
December 16 2017, 03:03 | Clarence Walton
JPMorgan CEO: Bitcoin is a 'fraud' and 'worse than tulip bulbs'
The move to eliminate all bitcointrading was to prevent financial and social risk, and exchanges should negotiate with bitcoin owners to resolve their existing business, Yicai.com said, citing several unnamed officials in charge of internet finance.
The price of bitcoin plummeted another 9 percent Thursday, while rival currency ether dropped 12 percent.
The news has hit the price of bitcoin already, falling from $3,860 to $2,457 as the news broke. Rumors began spreading regarding a potential suspension of all Bitcoin trading activity by centralized exchanges.
While there are no confirmed reports on whether Bitcoin has been banned in the country or not, we believe that the government will make a statement about bitcoin itself being banned or not in some time.
Precipitous declines in prices for bitcoin and Ether in the wake of a potential crackdown on exchanges by Chinese authorities have shaved almost $40 billion off the combined market capitalization of the cryptocurrencies over the past two weeks.
The cryptocurrency "won't end well", he told an investor conference in NY on Tuesday, predicting it will eventually blow up.
Shanghai-based BTCC said it would halt trading on its domestic cryptocurrency exchange by September 30, in response to tighter control over trading crypto tokens by China's central bank. First, China banned all initial coin offerings last week.
The price of bitcoin to United States dollar fell to a new four week low with reports that BTCC, a Shanghai-based bitcoin exchange, will be shutting its doors to domestic trading operations at the end of the month. "Just inconvenience for the most part", cryptocurrency expert Eric Zhao, an engineer at the Chinese Academy of Sciences, told Quartz.
"If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars", he said.
China has emerged as the leading force in Bitcoin trading in recent years. "I think the same thing is going to happen with all these cryptocurrencies - they're going to collapse", he said.
"STFU about Bitcoin " Jamie, you're a great boss and the GOAT bank CEO.
It's been a rough couple of weeks for Bitcoin and other cryptocurrencies.