The price of bitcoin took a significant dive Thursday morning following the announcement of a major Hong Kong-based cryptocurrency exchange. BTC China said it would close its doors on September 30, citing new rules from Chinese regulators.
2017 has so far been a whirlwind year for cryptocurrencies. Earlier this this year, Ethereum gained international notoriety following a runaway increase in value that triggered a frantic GPU purchasing spree that left the PC gaming world reeling over graphics card availability and rampant price increases.
While Ethereum miners enjoyed massive gains from their mining operations, cryptocurrency traders also enjoyed wins in their portfolios as the value of the most popular altcoins increased alongside Ethereum. The value of Bitcoin, the granddaddy of all cryptocurrency, also shot up significantly this year. One year ago, Bitcoin was trading for around $600. On September 1, 2017, Bitcoin peaked at just shy of $5,000 per unit.
Things were looking up for Bitcoin traders for most of 2017, but as they say, all good things come to an end. On September 2, Chinese regulatory authorities announced that initial coin offerings (ICOs) are considered illegal, and the country banned projects that receive funding through the practice.
The news of China?s crackdown on cryptocurrency fundraising didn?t immediately cause a panic, but it put the China-based cryptocurrency exchanges on notice, and following ?careful consideration,? one of China?s largest exchanges decided to call it quits. BTC China sent a tweet today indicating that the exchange would halt its operations at the end of the month.
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Originally Posted by Hans de Vries
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), Juan J. Guerrero
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