The Bitcoin-to-fiat exchanges ban in China announcement today that will be happening on Sep 30, impacted the market so hard all cryptocurrencies majorly crashed in a couple of hours. Bitcoin did reach lower than even $3,000 hitting $2,962, which counts approx $1k loss in value in a day.
The drama created by the regulatory, initiated a high number of requests to enlist from mainland in a short amount of time. Exchange platform Gatecoin CEO Aurelien Menant, Hong Kong based added that:
“Since last Friday, with the rumors of a possible tightening on the regulation of exchanges in the mainland, we have experienced a surge in the number of Chinese clients registering on our platform.”
There were signs that Hong Kong movement and actions related to ICO token will be more like the US and different to China itself.
As the recent news were spread today, two specific exchanges were given one more extra month to complete services when it comes to Bitcoin-to-fiat trading: Huobi and OkCoin.
This could have been the reason for a Bitcoin price bounce back in a matter of minutes with the other virtual currency prices following back. For the moment it is trading at $3549.42 with a positive 1.44% increase in the last 24-hours. Whoever used the chance to buy when the price was below the $3,000 major mark or held for longer term made a smart move.
The trading volume in the last 24-hours could the monthly highest at $4.125 billion with Bitfinex leading at 16.40% of the total exchanging.
As the leader of the pack is recovering, the other top-ten cryptocurrencies are following. Ethereum returned to $241, Litecoin is back on its track which could be aiming the previous stable trading ground at $60 with a trading volume of $1.4 bln.
The early updates received mixed reviews, however, with some social media commentators suggesting it is a way for Chinese regulators to prolong market manipulation.