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Bitcoin Dives after Chinese Exchanges' Halt in Withdrawals

Bitcoin Dives after Chinese Exchanges' Halt in Withdrawals

Renee Mu, Currency Analyst

This daily digest focuses on Yuan rates, major Chinese economic data, market sentiment, new developments in China’s foreign exchange policies, changes in financial market regulations, as well as market news typically available only in Chinese-language sources.

- Two Chinese exchanges announced suspensions and one announced restrictions on Bitcoin withdrawals.

- More Bitcoin platforms are under inspection; Bitcoin price are likely to drop further.

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Bitcoin/Yuan plunged over -8% as of 11:15am EST on February 9th, following announcements in quick succession from two major Chinese Bitcoin exchanges that they will suspend Bitcoin withdrawals effective immediately. Yuan withdrawals are not impacted: Investors may sell Bitcoin and cash out Yuan. Both exchanges, Huobi and OKCoin, stated that they will follow regulators’ instructions and upgrade their platforms in the effort to prevent and crack down money laundering, unauthorized purchases in foreign exchange as well as pyramid schemes. These suspensions may last for a month until both exchanges complete upgrade on their systems.

BTC/CNH 1-day

Bitcoin Dives after Chinese Exchanges' Halt in Withdrawals

Prepared by Renee Mu.

BTCChina, the other “Big Three” Bitcoin exchange in China, released restrictions on Bitcoin withdrawals later, though not exactly the same as Huobi and OKCoin’s suspension. BTCChina allows Bitcoin withdrawals but it will take 72 hours for the platform to review and approve such transactions.

These suspensions and restrictions set by the Big Three Chinese platforms will highly likely drive Bitcoin prices lower over the following days, as investors will have to sell their Bitcoin to get money back.

However, these will not be the last moves of Chinese regulators pushing to crack down illegal transactions through Bitcoin. According to a statement released by the PBOC Beijing Office early on Thursday, the inspection has expanded to nine Bitcoin exchanges. The regulator warned these platforms that a serious violation may lead to a shutdown of their business.

Read more about why Bitcoin has caused regulator’s major concerns and extreme moves seen in Bitcoin trading.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.