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  <article id="post-116058" class="post full-post post-116058 type-post status-publish format-standard has-post-thumbnail hentry category-bitcoin-analysis category-bitcoin-price-news category-news tag-analysis tag-ban tag-bitcoin tag-china tag-drop tag-fall tag-investment tag-price tag-trading"> 
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    <p><span style="font-weight: 400;">Bitcoin price plunged from $3,860 to $3,460 within the past 24 hours due to the closure of China’s third largest bitcoin exchange BTCC.</span></p> 
    <p><a href="https://www.cryptocoinsnews.com/wp-content/uploads/2017/09/btf.png"><img class="aligncenter size-large wp-image-116059" src="https://www.cryptocoinsnews.com/wp-content/uploads/2017/09/btf-1024x319.png" alt="" width="900" height="280" srcset="https://www.cryptocoinsnews.com/wp-content/uploads/2017/09/btf-1024x319.png 1024w, https://www.cryptocoinsnews.com/wp-content/uploads/2017/09/btf-300x93.png 300w, https://www.cryptocoinsnews.com/wp-content/uploads/2017/09/btf-768x239.png 768w, https://www.cryptocoinsnews.com/wp-content/uploads/2017/09/btf-1300x405.png 1300w" sizes="(max-width: 900px) 100vw, 900px"></a></p> 
    <p><span style="font-weight: 400;">But, the majority of traders in China and other major markets such as the US, Japan and South Korea are still unaware that BTCC closed its trading platform voluntarily and other leading exchanges including Huobi and OKCoin, the two largest exchanges in China, are operating normally. </span></p> 
    <p><span style="font-weight: 400;">Chinese bitcoin and cryptocurrency news source CnLedger confirmed with OKCoin and Huobi representatives that they have not heard any new directives from the People’s Bank of China (PBoC) and Chinese financial regulators. </span></p> 
    <p style="padding-left: 30px;"><span style="font-weight: 400;">“Also note that BTCC previously listed ICO-Coin, a token specifically used to raise funds in ICO projects, issued by co-founder Yang. OKCoin and Huobi said they have not received notice from regulators and are operating normally,” </span><a href="https://twitter.com/cnLedger/status/908299242971717633"><span style="font-weight: 400;">said</span></a><span style="font-weight: 400;"> CnLedger.</span></p> 
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    <p><span style="font-weight: 400;">It is likely that a panic sell-off by traders in China, South Korea, US and Japan caused the abrupt price drop as they mistakenly understood the closure of BTCC to a nationwide ban on bitcoin exchanges. It is important for traders and investors to understand that the ultimate plan of the PBoC and Chinese regulators is to provide and offer a licensing program for exchanges, not ban trading platforms.</span></p> 
    <p><span style="font-weight: 400;">Still, analysts are not worried. Prominent bitcoin investor and researcher WhalePanda emphasized that the trading volume of the Chinese bitcoin exchange market is relatively low compared to other major cryptocurrency exchange markets. More importantly, the panic sell-off from traders were caused by a misunderstanding of an independent corporate decision, not by regulatory movement from the Chinese government.</span></p> 
    <p style="padding-left: 30px;"><span style="font-weight: 400;">“Hey guys, bitcoin trading might be banned in China, but we just realized that there is way more volume in other countries. Thanks for the dip,” WhalePanda </span><a href="https://twitter.com/WhalePanda/status/908317153421611009" target="_blank" rel="noopener"><span style="font-weight: 400;">wrote.</span></a></p> 
    <p><span style="font-weight: 400;">Highly respected and well recognized finance analyst and reporter Max Keiser also reaffirmed earlier today that the instability of the Chinese bitcoin exchange market will simply lead traders to the Japanese market, which has been efficiently regulated by the government over the past 12 months.</span></p> 
    <p style="padding-left: 30px;"><span style="font-weight: 400;">“China’s Bitcoin stumble clears path for Japan to grab significant market share. A state of mining equilibrium across the globe will match global energy access; reducing bitcoin volatility (at much higher prices). Today’s bitcoin drop reflects lack of geographic mining diversity. As equilibrium (game theory) asserts itself, volatility curbed,” </span><a href="https://twitter.com/maxkeiser/status/908310306853703680" target="_blank" rel="noopener"><span style="font-weight: 400;">said</span></a><span style="font-weight: 400;"> Keiser.</span></p> 
    <p><span style="font-weight: 400;">In his statement, Keiser referred to the entrance of large-scale Japanese multi-billion dollar conglomerates to the bitcoin industry. GMO Group, one of the largest Japanese technology companies, has announced its plans to manufacture their own ASIC miners and bitcoin equipment with hundreds of millions of dollars in capital in order to compete with industry leaders such as Bitmain. </span></p> 
    <p><span style="font-weight: 400;">The recent bitcoin price drop was a small setback which the bitcoin industry was forced to take in order to advance and evolve. More importantly, like many minor corrections in the past, today’s bitcoin price drop was fueled by false and inaccurate news, which portrayed the closure of BTCC as an imposition of a ban on a Chinese exchange.</span></p> 
    <p><span style="font-weight: 400;">In the upcoming months, the bitcoin industry and ecosystem will change drastically, If the Chinese government fails to provide efficient regulations, Japan and South Korea will evolve as Asia’s major bitcoin markets.</span></p> 
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 Source : https://www.cryptocoinsnews.com/bitcoin-price-falls-to-3450-but-analysts-are-not-worried/