More crypto pain coming from China this week. After the ICO and ICO exchanges ban announced last week, authorities could be banning bitcoin exchanges as well. Prices understandably crashed on the news, hitting a low of $3,969 on FXOpen before rebounding. China Moving to Ban Crypto Exchanges

According to two major financial publications, Chinese authorities are drafting regulations that will ban all crypto exchanges from operating in the country. The news first broke on Friday in Caixin, a Chinese finance publication. On Monday a similar report was published in the Wall Street Journal. According to the articles, it appears that Chinese regulators plan to ban all crypto exchanges from operating in the country. Over the counter (OTC) trading as well as in-person trading would be tolerated. Read more: https://blog.fxopen.com/bitcoin-waits-for-china-decision/