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Bitcoin Unperturbed Despite Plans for Chinese Domestic Trade Ban

Bitcoin Unperturbed Despite Plans for Chinese Domestic Trade Ban

Daniel Dubrovsky, Contributing Senior Strategist


Talking Points:

  • Sources said China plans on banning trading digital currencies on domestic exchanges
  • Bitcoin was unperturbed showing more resilience to negative news than on last Friday
  • Multiple implementation dates were mentioned ranging from immediate to months away

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Bitcoin was unperturbed on unofficial news that China will ban trading digital currencies on their domestic exchanges. According to those familiar with the matter, Chinese authorities have no plans to halt over-the-counter transactions.

Those cited, who remained anonymous due to the information privacy, mentioned that the People’s Bank of China (PBOC) was leading this draft. However, the implementation timelines given were mixed. One source claimed that the decision had already been made while another said it might take a few months.

Bitcoin’s reaction to the news was considerably more resilient compared to the cryptocurrency-negative news from last Friday. Then, Bitcoin and Ethereum took a hit when rumors about China banning trading digital currencies against the Chinese Yuan crossed the wires.

Going forward it will be imperative to keep an eye out if any unofficial Bitcoin-related news will be confirmed by the PBOC. According to Market Analyst Nick Cawley, any shutdown in Chinese Yuan-based trading would have a negative effect on the crypto-currency market.

Our DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

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