Crypto Market RED — Fake News — News from China
Note: This article was originally published in Crypt Bytes Tech.
From earlier today the market has been in red and much of the market sentiment is negative. And today it was a day of many bad news.
Etherdelta went down and possibly hacked
Earlier today Etherdelta’s main site went offline and there was lot of confusion on social media and even in Etehrdelta’s support forums and even Metamask blacklisted EterDelta because of confusion and news of hack doing rounds.
Then the below tweet appeared where one of the EtherDelta founders Zack came and highlighted that https://etherdelta.com is the real/alternative link for Etherdelta.
Though many raised question on the validity of the link but by end of day the confusion was clarified:
Fake News on Bittrex being down & CEO getting arresed
Bittrex goes down for 10 minutes and 8% of total crypto market cap is eliminated. It was well pre-planned attack, first DDOS attack on Bittrex and it went down for just few mins. Then fake news appear on Internet and panic selling started. That explains the dip in btc price may be planned by Hackers.
Hope more news like that and the markets will become un-killable. Anyway for some it’s good. As many weak hands as possible need to be flushed out before the trend can come back in force. It could have been a big news only if they could spell confiscate properly.
Big News — China Bans Cryptocurrency to Fiat exchange
The domestic exchange between all the virtual currency and RMB, represented by Bitcoin, Ether, OKcoin, will be closed within limited time; but the regulation is not against the virtual currency itself, nor does it prohibit the one-on-one OTC transaction of the virtual currency.
According to regulators in the future China can not have trading pairs between so-called virtual currency and the fiat currency in the trading platform.People close to the leading group said: “In this way, there is no trading so-called tokens, virtual currency and RMB though there is no problem in trading between virtual currencies. Something really interesting is that, the article mentioned authorities but just said relevant authority apart from one place. The China’s internet financial risk rectification work group belongs to China Securities Regulatory Commission which may reflect the mood of the regulators.
According to the close to the leading group sources, from the perspective of anti-risk, so that virtual currency and currency trading activities out of China, mainly in the market risk, financial risk and social risk of three levels of consideration.
The source said that despite the supervision of the beginning of this year, The real name system, anti-money laundering and other requirements, but a large number of exchanges have failed to implement.
It should be noted that this decision is to close trading between the virtual currency and the fiat currency between the trading platform.The aforementioned close to the leadership group stressed that banning and Bitcoin exchange-related activities do not affect the development of block-chain technology. Though the news may mean a greater crackdown on crypto currencies in the wake of fear of money laundering and illegal activities happening through Bitcoin and Crypto currency and the fear of loosening of regulator control over Crypto currency transactions.
Another big factor is that the 19th National Congress of the Communist Party of China is happening in October. So potential risks of instability (anything that could lead to mass protests) in all sectors must be eliminated prior to that. Feels like order must be preserved.
Local exchange operators are said to be pushing back on the claims.
Huobi said it was operating normally, and that it has not received any notification from authorities on the matter. Other exchanges including OKCoin, BTCC and Binance did not respond to inquiries.
“BTCChina Exchange is operating normally, and has not received any new directives from Chinese regulators,” the exchange said on reddit.
According to the data from CoinMarketCap, major China-based cryptocurrency exchanges are among the world’s top 20 by trading volume.
Finally
While I have already highlighted that right now much of the Crypto currency down turn may be because of the current regulatory turmoil in China and in future some big & bad news may be heard regarding the exchanges there but still hope is that the Crypto currency markets are evolving and are becoming more resistant and hopefully rebound to more greater heights. Till then Hodl the core portfolio of your Crypto currencies and keep on buying good coins and shedding the loads (aka may be few Chinese coins).
However, at press time, local exchange operators are said to be pushing back on the claims.
When reached, Huobi said it was operating normally, and that it has not received any notification from authorities on the matter. Other exchanges including OKCoin, BTCC and Binance did not respond to inquiries.
“BTCChina Exchange is operating normally, and has not received any new directives from Chinese regulators,” the exchange said on reddit.
According to the data from CoinMarketCap, major China-based cryptocurrency exchanges are among the world’s top 20 by trading volume.
Another big factor is that the 19th National Congress of the Communist Party of China is happening in October. So potential risks of instability (anything that could lead to mass protests) in all sectors must be eliminated prior to that. Feels like order must be preserved.
