Bitcoin Price Takes a Tumble Amid Rumors of China Banning Cryptocurrency Trading

China might be banning Bitcoin exchanges

A bitcoin beside Chinese yuan currency.

It's important to note that the potential regulations will make it hard for new users to start trading, but won't have a huge impact on existing Bitcoin owners.

After a meteoric rise, bitcoin has experienced one of its biggest blows in some time after the Chinese government revealed it will force the country's biggest exchanges to close in the months to come.

The Central Bank has not issued an official statement on the matter, but Bloomberg and the Wall Street Journal verified Caixin's report via their own sources. But, in contrary, bitcoin has recovered to over $4,200 today, with the Chinese bitcoin exchange market demonstrating high trading volumes and U.S. investors moving bitcoin price upwards.

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies.

Despite having less than 2 percent of the network's transactions SegWit-enabled, the solution has led to a 0.8 MB average block size, substantial drop in the size of bitcoin mempool from 150 million to 6 million bytes, and most importantly, the elimination of bitcoin blockchain congestion.

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The bigger risk for global bitcoin traders may be the massive rally in prices, according to McFarland.

Zhou Shuoji, a founding partner of FBG Capital, which invests in cryptocurrencies, addressed China's ban on cryptocurrency exchanges by stating, "Trading volume would definitely shrink".

Bobby Lee, CEO of China's oldest Bitcoin exchange BTCC, posted a poll on Twitter asking users if the reports are true or "fake news", suggesting he doesn't believe them. However, the Chinese market has shown that it does not necessarily perceive the suspension as a threat.

There are conflicting information regarding China's alleged order for virtual currency exchanges to shut down, as several Chinese exchanges such as Huobi and Okcoin have said they haven't any orders from the government.

Featured image from Shutterstock.

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