[PConline News] At 7:00 PM on the 14th, the Chinese Bitcoin trading platform "Bitcoin China" issued a statement announcing an immediate halt to new user registrations and the shutdown of its trading platform by the end of this month. This move triggered widespread panic in the digital currency market, seen as a sign of upcoming regulatory crackdowns. Many holders rushed to sell their assets, causing significant volatility.
The announcement from Bitcoin China on the 14th came at a time when the Bitcoin market had already been in decline since September. In the moments following the news, Bitcoin's price plummeted below 20,000 yuan, sending shockwaves through the industry. The market was thrown into chaos, with traders scrambling to react to the sudden development.
Hours later, the market saw a slight recovery, with Bitcoin prices in China rising to around 21,000 yuan. However, trading volumes remained low, and there was a noticeable increase in sell-offs from investors who were worried about the future of the market.
Since September, the domestic Bitcoin market has been struggling. A series of regulatory actions have significantly impacted the industry. Let's take a closer look at what happened during that period:
1. On August 30, three major platforms suspended their ICO trading activities. ICOINFO, one of the leading platforms, announced it would stop all operations, citing the need to follow new regulations.
2. On September 4, the People’s Bank of China and seven other ministries issued an emergency notice to shut down ICO transactions, citing concerns over illegal financial activities and market instability.
3. On September 8, regulators ordered the closure of all domestic Bitcoin exchanges. Several smaller platforms confirmed they had received instructions to allow users to withdraw funds and prepare for shutdowns.
4. From September 9 to 12, several Bitcoin exchanges raised transaction fees. Huobi increased its fee to 0.2%, followed by Coin and Bitcoin China, which adjusted their rates accordingly.
5. On September 14, reports surfaced that some Bitcoin platforms in Shanghai were being shut down. Meanwhile, local authorities reportedly informed media that all Bitcoin exchanges would be closed and removed from the market.
6. By early September, Bitcoin China had already announced its plan to stop all trading by the end of the month, aligning with the latest regulatory guidelines.
According to data from WorldCoinIndex, Bitcoin's price dropped from $4,800 to $3,655 since September 1, marking a 24% decline and a loss of nearly $20 billion in market value. While some see this as an opportunity to buy low, others remain cautious, especially given the current price still sitting below 20,000 yuan in China. Whether now is the right time to invest remains uncertain.
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