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China orders bitcoin exchanges to shut down
September 25 2017, 12:36 | Clarence Walton
The first of China's top bitcoin exchanges has announced it will suspend trading
According to the report, these platforms have until September 20 to inform the government on how they will facilitate users' withdrawals and handle funds to ensure that investors' interests are protected.
Chinese authorities have ordered Beijing-based cryptocurrency exchanges to cease trading and immediately notify users of their closure, signalling a widening crackdown by authorities on the industry to contain financial risks. Since the beginning of September, more than $75 billion has been wiped out, partly due to China, which was-recently rumored to be seeking a Bitcoin ban.
But despite the drop today, some Bitcoin traders remain unphased.
"First, anyone in China with a valid public key - a large numerical value that is used to encrypt data and is generated by a software program or provided by a designated authority - can still receive and sell Bitcoin", Coker said. "These are just road bumps as regulation and innovation need time to sync well with each other". Other crypto currencies are also in the red.
China accounts for 23 percent of all Bitcoin trades and houses some of the most successful Bitcoin miners.
Since the news has been released, bitcoin's price has dropped below the $3500 range. Glucksmann said much of the bitcoin community had been concerned about the increased level of scrutiny in China and had been moving their assets out of the country. People who are buying now are strong hands.
Why is the price of bitcoin falling?
Conservative wealth advisors said people should not get over-exposed to crypto-currencies because their prices can be very volatile.