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Chinese bitcoin exchange ban partly confirmed

17 September 2017 21:00, UTC

Initial reports containing the photo of a Chinese document and uncertain rumors about Chinese government banning cryptocurrency exchanges turned out to be true – in part. OKCoin and Huobi, two popular Chinese exchanges, will continue operating, but they will have to forget about cryptocurrency trading in pair with yuan, several media websites report.

Chinese bitcoin exchange ban also doesn’t affect the trading of cryptocurrencies for other cryptocurrencies. The co-founder of Bitmain, who lives in China, further clarified on his Twitter that order book exchanges will not be allowed without licensing.

If news from China are indeed affecting the price of Bitcoin, one might speculate that initial news about this ban has made the market participants so grim that the value dropped to $2946 (15 September 2017), then, when it became clear that the ban can be avoided in some cases, it grew back the next day to $3786, and then, the next day, it entered a stage of slow growth (judging by what happened with the price before, it might end anytime and drop to $2900 again).