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China's Rumored To Be Shutting Down Bitcoin Exchanges

Bitcoin  (Pixabay)

While China may be a huge portion of the cryptocurrency market, the Chinese government seems to be on the side of shutting down exchanges. This happening despite China being an area for large crypto mining operations. This news has caused the price of Bitcoin to go down, which means it might be a good time to buy if you think it will go back up.

This is another attempt at control by the Chinese government as they may perceive the crypto coin as a threat. The Chinese exchanges are said to make up 45% of the global market share.

OkCoin is one of the exchanges that is rumored to be shutting down. They released a statement on the situation.

 “‘Til now we haven't informed by any authorities about closing BTC exchanges, if that happens we will show notifications on our website in no time. Even if that 's the case, we would be running offline trading for users, and your balance of coins in your account will be absolutely safe.”

However, some people feel these are just rumors and none of this is happening or at least it's not as bad as some are making it seem. People will often exaggerate things when they think the worse is going to happen. The rumors do unfortunately have a negative effect on the price of crypto coins. Bitcoin is a leader and when the price of that goes down it can sometimes affect the price of other popular coins. Many people don't feel that this news is real and the rumors are simply fake and have been shot around to cause fear or something wild like that.

Bitcoin, on the other hand, is still holding strong with it being around $5,122.40 CAD. That price can go up or down depending on what goes on in the future.

By Michael Normandin

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