The latest news from the past days severely damaged the cryptocurrency market. It appears that Bitcoin reaching over $4,000 was not a good thing for some people. Jamie Dimon recently called Bitcoin a fraud. On the top of that, China spread rumors about banning domestic Bitcoin exchanges.
This caused a massive hit in the cryptocurrency market as Bitcoin dropped from over $4,500 to under $3,500 in less than a week. Ethereum and Litecoin suffered too. The first one dropped from $268 to $231 only on September,14th. Litecoin dropped from a $72 top on September, 8th to $49 on September,14th – according to CoinGecko.
BTCC stops trading starting 30 September, 2017
While the rumors aren’t confirmed yet, BTCC announced on Twitter that starting September 30, 2017 they will cease all the operations : 1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30. This news may be a confirmation that the Chinese regulators are preparing a formal ban for the bitcoin exchanges.
Their rival – Huobi declared for CoinDesk that they haven’t “received clear document or notice”, therefore their operations will run as before. However, in case a confirmation will come – Huobi will follow BTCC on closing its platform.
Things are unclear for the moment. Will Bitcoin Exchanges close their operations? Will the Chinese Regulators solve this issue? It’s only a matter of time. Even though a decision has not been made, a lot of Non-China crypto traders “buy the dips”.
Japanese Giant plans to Enter the Bitcoin Mining Market
If China has problems dealing with Bitcoin – Japan doesn’t. The Japanese giant – GMO – plans to enter in the Bitcoin mining market. The company revealed the specifications for its 7nm process ASIC mining chips. Their main feature: an extremely low power consumption. At a press conference on Wednesday, the chairman of GMO announced that the farming center will be installed this December in Scandinavia, according to Bitcoin.com.
Masatoshi Kumagai declared that : We are planning to invest 10 billion yen in the next few years on building a data center and on the research and development expenses for 7 nm, 5 nm, and 3.5 nm dedicated chips.
Besides this, they plan to manufacture PC boards mounted with ASIC chips. Each of the will be able to mine at a 8TH/s less or more with a 300 Watts power consumption. Their 7nm ASIC Chips also plan to operate with 56% of the power of similar chips. The mass production of the 7nm chips will start in May 2018.
In moments like these, it’s nice to see that some companies are actually investing in the cryptocurrency section and are working to research new ways to bring cryptocurrencies to a worldwide adoption.