The Oldest Crypto Exchange in China Stops Working
The oldest Chinese crypto exchange, BTCChina, founded back in 2011 made an announcement about the end of their work with Bitcoins on Thursday. They even sold their share in a Singapore Bitcoin exchange ZG.com to a Dubai fund about a year ago.
Back in 2018 BTCC was acquired by an investor from Hong Kong but it kept working on its regular basis. Now the end of their work means a terminal shot in the crypto industry of the country. Crypto bans in China had happened before, and the exchange made it through, but this time things look serious.
The experts believe that the reasons for crypto miners to leave the Chinese market were serious enough to expect the crash of the entire crypto market, at least in a short run. All they can do is to leave or try to stand against the anti-crypto narrative till the end.