Published On: Thu, Feb 9th, 2017

Bitcoin Price Falls Almost 10% After Exchanges Stop Withdrawals

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It looks like the roller coaster that is Bitcoin price in 2017 is far from over. January has typically been a volatile month for Bitcoin values, but February is becoming very unstable, with the announcement that Chinese exchanges are moving to new policies and restricting Bitcoin withdrawals for the next month.
PBoC Strikes Again: Price Slides 10%
The issues for Bitcoin price began yesterday, as the heads of nine Bitcoin exchanges in China were met with by PBOC regulators over issues related to money laundering and other potential issues.
These companies included BtcTrade.com, HaoBTC, Yunbi, Yuanbao.com, and BTC100. Apparently, a new level of regulation was deemed necessary, to bring Bitcoin trading in line with other financial industries.

“Bitcoin trading platforms (in China) shall not violate national anti-money laundering, foreign exchange (FOREX) management and payment and settlement of financial laws and regulations,” said state regulators.
Chinese Exchanges Respond
In what amounts to a joint press release, major Bitcoin exchanges Huobi and OKCoin have each made a statement. They have also taken the following course of action in the trading and exchanging of Bitcoin, and Litecoin, which uses LTC symbol, and may be spelled “Laite coin” in …

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