China is no longer open to Bitcoin exchanges in yuans. That’s what China’s biggest Bitcoin exchange, BTC China,announced on Wednesday in a post on Weibo, saying it “has no option but to stop accepting yuan deposits.”
“别换比特币”! No to Bitcoin in China
还没来得及庆祝就跌了! “I didn’t even have time to celebrate its rise that it’s already falling!” says the cartoon.
This decision is hurting Chinese Bitcoin investors first and foremost, who had previously viewed the Bitcoin as a great investment in China. But China’s recent crackdown on Bitcoin exchanges in yuan also temporarily sent the Bitcoin’s rate in a downward spiral. On the day of the announcement, the Bitcoin’s trading rate went from 750$ down to 455$ and the exchange volume was massively important on that day. The currency’s rate is now back to life as usual, though.
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