Major Newspaper Optimism: Bitcoin Ban is not Even Realistic

Bitcoin Dives on Dimon's Fraud Warning

BTCC said it would stop buying and selling on 30 September in response to tightening regulation. Reuters and other media reported earlier this week that it planned to shut down the exchanges.

Observers have noted that by closing the barn doors inside the country, traders and miners will simply turn to external markets like Hong Kong, Singapore, and South Korea.

Prices of Ether, a blockchain currency that trades on the Etherium platform, plunged 13% to $240 and is down almost 40% from its peak at $393 on September 1. Bitcoin dropped 9.3 percent to $3,077.55 at 9:22 London, extending this week's decline to 28 percent.

"After carefully considering the announcement published by Chinese regulators on September 4, BTC China Exchange will stop all trading on September 30", the exchange said. In the end, Bitcoin's value is tied to confidence that its users place in technology, and there's no shortage of dreamers that have put their faith cryptocurrency being the future of monetary exchange.

The two other major Chinese exchanges, Huobi and OKCoin, continue to operate as normal. "Also note that BTCC previously listed an ICO-coin, a token specifically used to raise funds for ICO projects, issued by co-founder Yang", explains Cnledger on Twitter.

According to China Business News, regulators in Shanghai and the country's financial center gave verbal instructions to exchange operators to end services.

Dimon on Tuesday called bitcoin a "fraud" that will eventually blow up. The digital currency is now trading at US$3,050, a 27% drop since the beginning of the week.

Thursday night, however, there were some signs that Chinese regulators could have a change of heart. However, he said he would consider investing in companies that use or trade in bitcoin.

Investors started selling off the cryptocurrency after reports that Chinese regulators might shut down domestic bitcoin exchanges.

Ethereum prices continued to move lower over the last 24 hours and investors will be looking to see where the next support levels will be as negative news continues to hit the cryptoworld this week. It allows anyone to embed informative widgets on their website.

But that wasn't the only piece of Ripple news to weigh on the Ripple price prediction. There's also a widget dedicated to our mining pool, displaying our hash power.

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