Bitcoin slumped last Friday after Caixin magazine reported China's plans, capping the virtual currency's biggest weekly retreat in almost two months. The market was yet to recover fully from the shock that it received in the early part of last week when the Chinese regulators had banned the issuing of ICOs and also stopped the investors and traders from China investing in such ICOs.
The newsreport by Caixin read, "Chinese regulators ordered a halt to all virtual currency trading platforms in the country, acting to further rein in risks related to cryptocurrencies, Caixin learned from a source close to regulators".
Bitcoin value traded at Huobi and BTC China declined almost 20% to around 23,000 yuan as of Friday night.
"I would assume that if China shuts down trading on continuous order books of the large exchanges, the price would drop below $4,000, or the price of the United States dollar price of bitcoin would catch up to where it's trading equivalently in China, " he said. While existing users will likely still trade, according to Zhou Shuoji, a founding partner at FBG Capital interviewed by Bloomberg, it will make it more hard for new users to start trading Bitcoin-thereby limiting Bitcoin's potential growth.
What is clear is that China has completely banned ICOs and will punish any companies that attempt to offer them. "Old users will definitely still trade, but the entry threshold for new users is now very high".
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The daily trading volume of the Chinese bitcoin exchange market has almost doubled that of the USA bitcoin exchange market, surging above 45,000 bitcoins.
The clampdown is seen as part of China's efforts to regain greater control over its own currency, the yuan, after the surge in bitcoin's price a year ago was attributed to eager Chinese buyers looking to sell yuan, fearing its collapse.
One of bitcoin's biggest influencers, Crypto Compare's Charles Hayter, said to CNBC recently that for China "nothing is ever certain" when it comes to cryptocurrencies.
"There has been a general tightening of the screws on regulating financial and monetary conditions", said Mr Mark McFarland, chief economist at Union Bancaire Privee.
According to the The Wall Street Journal, bitcoin exchanges are now being clamped down on, with no trading to be done within Chinese borders. China's largest bitcoin exchanges, OKCoin, BTCChina and Huobi, told Bloomberg on Monday that they still have yet to be contacted regarding any trading ban.
Coinmama lets you buy bitcoins with your credit card or cash.
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