BTC-USD Lifts Off Despite BTCC Halting Withdrawals for One Month

On February 16, the bitcoin price reached a fresh high at $1043.21 following BTCC’s announcement, the largest Chinese bitcoin exchange, that it will be temporarily halting bitcoin withdrawals for one month. In fact, last week, OKCoin and Huobi, who are also some of China’s major bitcoin exchanges, made similar announcements.

In the statement, BTCC addresses the current situation and states that it will need to go through an upgrading process to comply with the recent demands from the People’s Bank of China (PBoC). The company goes on saying the necessary upgrades should take a month, if not less.

A former governor of the PBoC said on local television that bitcoin would continue to exist in China on February 14, and, this seems to have eased the tensions. At the beginning of February, following reports of Chinese regulators stepping up pressure on the exchanges, the bitcoin price suffered a blow. However, the price reaction had an upside turn accompanying BTCC’s announcement, suggesting investors are not too worried about new rules or any other kind of interference from Chinese authorities.

The PBoC has been scouting Chinese bitcoin exchanges for some time now, and it has

Read more ... source: BTCManager

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