China won the battle, but they haven't won the war

China won the battle, but they haven't won the war

Bitcoin and cryptocurrencies have not been stopped by China, but they have made an impact.

The Chinese government has moved to stop all ICO trading platforms and agencies in an effort to ban cryptocurrency usage in the country. This includes ordering bitcoin exchanges there. In addition, since this ban in early September 2017, they have moved up their efforts and have ordered all Bitcoin exchanges in Shanghai & Beijing to close down their operations by September 20th, 2017. The government is concerned about it's usage with fraudulent activities such as ponzi schemes and money laundering.

China is the largest cryptocurrency market in the world, with approximately 80% of all bitcoin transactions taking place using yuan. After the news of the ban spread, the bitcoin price lost around 25%, going from trading at $5,000 down to $3,500. Ethereum, an alternative crypto currency to bitcoin, dropped down to just $260. Worst still, was Litecoin, another altcoin, which saw its price drop by about 38%.

Lastest rumors out of China will see them use the Great Firewall to block US bitcoin exchanges. This includes Coinbase and BitFinex, two major players in the digital currency exchange world. They’re even planning to block IP addresses in an effort to disrupt bitcoins blockchain usage within the country.

We will post updates on this story as it develops over the coming weeks, check back for more.