Bitcoin markets have been roiled dramatically in the previous two weeks by actions of the PBOC. Initial notice on December 5 stating that monetary institutions would not be allowed to transact in bitcoin had been followed by rumors that payment processors would no longer be capable to serve bitcoin exchanges, which have since been validated. The outcome has been not only a dramatic drop in exchange prices – from $ 650 to as low as $ 400 earlier today – but also an historic spread between USD and CNY markets, reaching upwards of 30% this morning. This morning, BTC China and OKCoin temporarily suspended CNY deposits, while still enabling CNY withdrawals and two-way flow of bitcoin. “Dear BTC China valued client: Due to new government regulations, BTC China will temporarily suspend CNY deposits. BTC deposits/withdrawals and CNY withdrawals are not affected, and will continue to operate in the interim. Rest assure that BTC China will continue to operate generally. Please spend consideration to our notices for updates, as we discover other methods to…
The post BTC China Halts CNY Deposits, CNY-USD Spread Climbs to 30% as CNY Volume Drops appeared very first on The Genesis Block.
BTC China Halts CNY Deposits, CNY-USD Spread Climbs to 30% as CNY Volume Drops
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