2 of China's biggest cryptocurrency exchanges are shutting down trading - but bitcoin is soaring
They announced the news on their websites Friday morning. Trading between digital coins will still be permitted for the time being, however.
Bitcoin, which was reeling amid reports of a crackdown on Chinese cryptocurrency exchanges on Thursday, is actually rallying now. The cryptocurrency was up 14.1% at $3,706 a coin at 10:59 a.m. ET Friday.
The price of bitcoin collapsed 16% against the dollar on Thursday and continued its slide until early Friday morning amid uncertainty about the future of the cryptocurrency and other digital coins in China, one of the biggest markets for cryptocurrencies.
On Thursday, BTCChina, the second largest Chinese exchange, said it would stop trading at the end of the month. Yunbi, another cryptocurrency exchange, also announced it would shut its trading operations on Friday, according to CoinDesk, the cryptocurrency news site.
Thursday night, however, there were some signs that Chinese regulators could have a change of heart.
Charlie Lee, the creator litecoin, another cryptocurrency, tweeted last night that OKCoin and Huobi, another leading cryptocurrency exchange, were set to meet with regulators on Friday. Many people in the cryptocurrency community viewed this as a possible turning point, hoping the exchanges would be able to convince regulators to "change their tune."
Li Lihui, a senior official at the National Internet Finance Association of China and a former president of the Bank of China, said on Friday that regulators from different countries should collaborate on cryptocurrencies, according to reporting by Reuters.
Get the latest Bitcoin price here.
- Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?
- Thoughtful gift ideas to make Mother's Day extra special
- Muslims up, Hindus down: What’s the larger picture behind India’s religious population trends?
- Scooch over magic mushrooms, toad venom could be the next big psychedelic for depression and anxiety!
- TBO Tek IPO allotment – How to check allotment, GMP, listing date and more