Bitcoin, Ethereum, all cryptocurrencies down substantially post China heavy hand report

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The cryptocurrency world is in for yet another weekend of slump if the current trend of downward spiral continues with reports emerging that China could ban bitcoin and other cryptocurrency exchanges.

The massive decline in prices of Bitcoin, ethereum and all other cryptocurrencies has been blamed on a report in the Chinese media that claim that Chinese crypto exchanges have been ordered to close down operations following an investigation that began earlier this year.

The report on China’s Caixin, which is said to be a reliable source of news, claims that cryptocurrency exchanges in China that allow trading of Bitcoin, and Ethereum, using renminbi have been ordered to close down. The report adds that while the closure isn’t because of a regulation against cryptocurrencies, it does prohibit exchange based transactions. However, it does not prohibit the one-on-one OTC transaction of the virtual currency.

None of the exchanges in China have confirmed receiving any such orders from regulatory agencies. The three big exchanges in China – OKCoin, Huobi and BTCC – continue to operate.

Huobi’s Director of Operations has reportedly said they haven’t received any order or exchange closure. OKCoin too has denied any such reports.

BTCC also said they haven’t received any directives from the regulatory authorities. “BTCChina Exchange is operating normally, and has not received any new directives from Chinese regulators. We’ll keep you updated”, the exchange said in a statement.

The decline in prices of Bitcoin, Ethereum and all other cryptocurrencies has been fueled by reports in the Chinese media as well as reports that spawn from these reports. We advise readers to take a conscious decision and not to base their decisions on rumors.

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