According to publically available data, approximately 95 percent of global exchanges from traditional fiat currency into bitcoin are from purchases in the Chinese renminbi. Bitcoin trading platforms in Beijing are yet to see these announcements.
The company said other services, including its BTCC Pool for miners, are not impacted and will continue to run.
Bitcoin, which was reeling amid reports Thursday of a crackdown on Chinese cryptocurrency exchanges by regulators, is actually rallying now. "Also note that BTCC previously listed an ICO-coin, a token specifically used to raise funds for ICO projects, issued by co-founder Yang", explains Cnledger on Twitter.
A freeze in the Chinese bitcoin market is a major blow to investors.
The price of bitcoin tumbled particularly sharply on BTCChina after the news. The PBoC and Chinese financial regulators finally stopped dragging Chinese exchanges through one policy change to the next regarding renminbi, although there may be more to come.
Cryptocurrency has been in the news a solid amount recently because of its extreme volatility and ability to jump hundreds of percent in a short amount of time, but it is evidently more than that.
The crypto-currency sank late yesterday. This morning, BTCC tweeted that it had made a decision to halt trading on its BTCChina Exchange.
What do you think about Bitcoins? It allows anyone to embed informative Bitcoin.com widgets on their website. There's also a widget dedicated to our mining pool, displaying our hash power.