TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Rain in embarrassing climbdown over Telkom statement

      16 August 2022

      Coal miner Seriti plans R12-billion Mpumalanga wind farm

      16 August 2022

      Signal warns attackers may have made off with users’ phone numbers

      16 August 2022

      South Africa’s ‘silent revolution’ as those with cash go solar

      15 August 2022

      SA coal giant Seriti Resources in pivot to renewables

      15 August 2022
    • World

      Semiconductor boom turns to bust

      16 August 2022

      Tencent plans to offload R400-billion Meituan stake: sources

      16 August 2022

      Ether leaps higher on verge of Merge

      16 August 2022

      Institutions eye crypto but retail investors remain nervous

      15 August 2022

      Tencent woes mount, even after $560-billion selloff

      12 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Africa Data Centres
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»World»Bitcoin crashes, heading for worst week since 2015

    Bitcoin crashes, heading for worst week since 2015

    World By Agency Staff15 September 2017
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    Bitcoin has tumbled, heading for its worst week since January 2015, after people familiar with the matter said China aims to stop exchange trading of cryptocurrencies by the end of September.

    Regional Chinese regulators were notified of the plan by a central bank-led group overseeing Internet finance risks, said the people, who asked not to be named because the information is private. Bitcoin dropped 9.3% to US$3 077.55 at 9.22am in London, extending this week’s decline to 28%.

    The notice suggests Chinese policy makers will move quickly with their most far-reaching measure to rein in the growth of cryptocurrencies. China’s crackdown, which includes a ban on initial coin offerings announced last week, has fuelled an abrupt reversal in bitcoin after the digital currency soared more than 700% in the 12 months through August.

    While Beijing’s motivation for the exchange ban is unclear, it comes amid a broad clampdown on financial risk in the run-up to a Communist Party leadership reshuffle next month

    The digital currency tumbled on Thursday after BTC China, one of the country’s largest cryptocurrency venues, said it would stop handling trades by month-end. Rivals OKCoin and Huobi said they haven’t received any regulatory orders to halt. The People’s Bank of China didn’t immediately reply to a faxed request for comment.

    The cryptocurrency ban will only apply to trading on exchanges, people familiar with the matter said on Monday. Authorities don’t have plans to stop over-the-counter transactions, the people said.

    While Beijing’s motivation for the exchange ban is unclear, it comes amid a broad clampdown on financial risk in the run-up to a Communist Party leadership reshuffle next month. Bitcoin’s surge over the past few years has fuelled concerns of a bubble and prompted warnings of a potential crash from sceptics including JPMorgan Chase & Co’s Jamie Dimon and billionaire investor Howard Marks.

    China accounts for about 23% of bitcoin trades and is also home to many of the world’s biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

    Greater oversight

    Some market observers have speculated that Chinese regulators will allow cryptocurrency exchanges to reopen once the government has measures in place to provide greater oversight.

    Matt Roszak, the chairman of Washington-based Chamber of Digital Commerce and an investor in BTC China, said he anticipates that the exchange will resume operations by year-end.

    “That is the expectation based on months of discussions — the timing of which may be impacted a bit with the ICO phenomenon,” Roszak said in an e-mail. “China is preparing to provide licensure for less than a handful of exchanges as it grapples with the meteoric increase in cryptocurrency trading, and speculation on ICOs — licensure and engagement with government will help propel this industry forward.”

    Predictions for an eventual resumption haven’t done much to comfort bitcoin traders. The cryptocurrency swung to a loss after Bloomberg reported the government notice and is now trading at the weakest level in six weeks.  — (c) 2017 Bloomberg LP

    Bitcoin top
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleMcKinsey, KPMG targeted as corruption scandal widens
    Next Article Sassa seeks treasury funds to replace Net1

    Related Posts

    Semiconductor boom turns to bust

    16 August 2022

    Tencent plans to offload R400-billion Meituan stake: sources

    16 August 2022

    Ether leaps higher on verge of Merge

    16 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Digital transformation – don’t get caught unprepared

    16 August 2022

    Seven reasons your business needs IP surveillance cameras

    15 August 2022

    5G your life for faster, more reliable home or mobile connectivity

    15 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.