BTCC Halts Trading; Bitcoin Drops 9% in 8 Hours

One of China’s largest cryptocurrency exchanges, BTCC, has announced that it will stop trading for local users starting September 30. The company, which is the oldest crypto exchange in China, explained that this decision is in response to a government directive banning Initial Coin Offerings (ICOs).

BTCC clarified that the shutdown will not affect its other products, including its mining pool operations. International trading will also continue and is not subject to the ban.

Following BTCC’s announcement, the price of Bitcoin fell below $3,600, after previously trading in the $3,800–$3,900 range.

This development has impacted not only Bitcoin’s price but also the prices of many altcoins. Over the past eight hours, altcoins have seen significant declines as well (you can compare this with our previous post on the topic).

Stay tuned with us for more updates from the world of cryptocurrency!