Day: September 14, 2017

BTCChina has confirmed it will stop trading at the end of the month in response to regulatory pressure.

As if the Bitcoin price has not retraced enough already, more volatility is erupting across all markets. BTCC, one of China’s largest Bitcoin exchanges, announced they will halt all BTC trading come September 30th. It is unclear how long this situation will last at this time. The market is already responding in a negative fashion, despite this news not affecting the Bitcoin currency itself.

$3,500 is a Realistic Bitcoin Price Target

We have seen a fair amount of Bitcoin price volatility over the past week or so. Ever since Bitcoin hit the $5,000 mark, it appears bad news is crawling out of the woodworks as we speak. More specifically, things went from bad to worse when Chinese regulators announced their ban on cryptocurrency ICOs. While none of these projects have anything to do with Bitcoin, holders decided it was an opportune time to reduce their BTC holdings regardless. This was only the first wave to push the Bitcoin price down, though.

Ever since that time, Chinese regulators have continued to make media headlines. Rumors began spreading regarding a potential suspension of all Bitcoin trading activity by centralized exchanges. Although none of the major platforms received any official notice, the Bitcoin price remained rather shaky and eventually continue to move downward despite some buy support at key levels. Earlier today, BTCC confirmed most people’s worst fears, as they will effectively halt Bitcoin trading starting on September 30th.

1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.

— BTCC (@YourBTCC) September 14, 2017

As is to be expected, there isn’t much information available at this time. No one knows when services will be resumed or why this company was singled out [for now, at least]. It is certainly possible other Chinese Bitcoin exchanges will make similar announcements in the coming days, but for now, nothing has been confirmed. BTCC will also no longer accept new user registrations starting today, which indicates this decision has something to do with KYC or AML procedures more than anything else.

The Bitcoin price has taken a serious beating ever since the news broke about an hour. The Bitcoin price went from $3,850 all the way down to $3,620 in a matter of seconds, although it appears the momentum has been halted for the time being. Do keep in mind this suspension of Bitcoin trading at the BTCC exchange doesn’t affect Bitcoin as a protocol or currency. We are talking about a centralized exchange suffering the scrutiny from Chinese regulators for reasons unknown at this time.

At the time of writing, the Bitcoin price sits at $3,620, which is way off from the $5,000 target. A 6.79% dip over the past 24 hours is not entirely shocking, as we have seen bigger losses and gains throughout 2017. This indicates the China news has less of an effect than some people would like. It also demonstrates how the Bitcoin community is slowly wisening up and stops bothering about regulatory issues beyond their control. Everyone knows Bitcoin will be just fine and only come out stronger. Whether or not that same train of thought will apply to BTCC, remains to be seen.

Rest assured there are some forces at play to drive the Bitcoin price down. With the noted gains throughout 2017, a lot of people missed the boat and are looking for some cheaper BTC. They will reap the benefit from this “bad news” and the associated panic which ensues among BTC holders. There is no reason to sell Bitcoin now, as the currency is still just fine. Centralized companies, on the other hand, may want to rethink their strategy, especially when dealing with Chinese customers.

China-based exchange BTCC has announced it will be closing its doors to domestic trading, while Shanghai media indicates a broader crackdown.

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The post Bitcoin Cash Support is Coming to the Bitstamp Exchange at the end of September appeared first on NEWSBTC.

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Considering how all cryptocurrencies are struggling right now, it is pretty interesting to see how Monero is effectively in the green. This is the only major cryptocurrency with an established reputation in the industry to note any gains.  IOTA is also in the green right now, but it is still on the brink of dropping out of the top 10 very soon. Monero is on the radar for traders right now, thanks to the 6.19% gain over the past 24 hours.

Monero Price Shows Strong Resilience

As it is to be expected these days, all cryptocurrencies are somewhat struggling as we speak. Conflicting reports coming out of China indicate there is a lot of fear in the markets, which eventually keeps driving the price down as a result. The Bitcoin price goes in the red for another day, which usually drags all other cryptocurrencies with it. So far, that latter part has not materialized as we would come to expect, as Monero is bucking this downward trend with everything it’s got right now.

While some people may claim Monero is the Bitcoin we have never gotten to experience to date, it remains to be seen if that is the case. More specifically, Bitcoin has quickly become the world’s leading cryptocurrencies despite some lacking features in terms of privacy and anonymity. Monero, on the other hand, offers privacy and anonymity in abundance. In fact, it is evident this may be the only cryptocurrency in existence right now not subject to blockchain analysis firms, according to BlockSci.

Regardless of how people feel about Monero and its potential, no one can deny the price is going up during these troubling times. This has nothing to do with hype or speculation, mind you, but is rather a direct result of the developers introducing valuable changes requested by the community. The next hard fork will go into effect tomorrow and the recent Helium Hydra release prepares all users for the changes coming to the Monero protocol.

Additionally, there are some more changes on the horizon. Support for proper mobile wallets is definitely one big selling point for XMR right now, as the community has been looking for such solutions for some time now. Moreover, Ledger is apparently working on Monero integration, which will finally provide hardware support for this privacy-and anonymity-centric cryptocurrency. All of these changes will bring more positive to Monero in the future as well.

It appears the current price increase is driven by the slightly higher trading volume across exchanges. As most people are well aware of, Monero never has a high amount of trading volume whatsoever, but it still does well on its own. Over the past 24 hours, we have seen over $132m in trading volume for XMR, which is a pretty solid number. Bithumb is the main driver of trading volume right now, followed by Poloniex and Bittrex. Ever since Monero was added to Bithumb, the trading volume has picked up a little bit.

For the time being, it remains to be seen how things will evolve for the Monero price. Right now, one XMR is valued at $113.42, which is nothing spectacular whatsoever. However, in the current market conditions, the 6.19% gain is significant. Whether or not we will see a new all-time Monero price in the near future, remains to be determined, though. Things are finally falling into place for Monero, that much is certain.

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