Has Winter come to Bitcoin with exchange closures in China ?

Bitcoin Dives on Dimon’s Fraud Warning

Bitcoin Dives on Dimon’s Fraud Warning

However, traders are using cryptocurrencies to circumvent financial regulations.

China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand.

The country's regulators have reportedly issued an order to all local cryptocurrency exchanges to halt new user registration by midnight on September 15 and publicly notify users when they'll formally close.

But thanks to this more diversified market, and in context, still limited action, it stands to reason that the regulatory interventions of a single country (even the world's most populous country) should have less impact on the bitcoin price over the long term.

The Chinese central bank has not responded to questions about the currency's future there. Trading dwindled after regulators tightened controls and warned the currency might be linked to fraud. These two major announcements come on the heels of the September 4 joint release from the People's Bank of China (PBoC), Chinese securities and banking regulators, and the Chinese government, that essentially made Initial Coin Offerings (ICOs) in that country illegal.

On the plus side, with the Bitcoin bull market being thrown into reverse, the price of graphics cards should descend to normality. Smaller Chinese bitcoin exchanges ViaBTC, YoBTC and Yunbi also announced similar closures on Friday.

It's unclear whether there are plans, as some have speculated, to re-launch cryptocurrency exchanges in China under new rules, or the ban is permanent.

Just a day after JPMorgan Chase CEO Jamie Dimon unleashed a fury of attacks on Bitcoin (and cryptocurrencies in general), another salvo is incoming.

That, industry experts said, means that although China is still important, the crackdown there would probably not be enough to cripple bitcoin, unless it was followed by exchange shut-downs in other parts of the globe.

The price of bitcoin fell dramatically upon the news. At 7.50 a.m. BST (2.50 a.m. ET), Bitcoin is down 1.7% against the dollar to $3,193.40. Beyond that, according to The Verge, three of China's main exchanges made up almost half of all of the global market share for the trailing 30 day period up to the announcement.

While Telegram is officially blocked in China, users can access the service through virtual private networks.

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