Published on September 16th, 2017 | by bitcoin0
Bitcoin Has a Bad Summer
Bitcoin captivated the attention of financial markets this summer as the developer community embraced a new mechanism to improve usage and avoided what was labeled as a potential civil war, raising the profile of the digital ledger and fueling the speculative price rise.
After the price of bitcoin reached a record high, China moved to reign in the exuberance, announcing Sept. 4 that it was outlawing initial coin offerings.
While the motivations behind the move and the trading restrictions are unclear, such a ban could affect an estimated one-quarter of all bitcoin transactions.
BTC China, one of the nations’ biggest online exchanges, said Thursday it will immediately stop accepting new account registrations.
Read more: Forget $3,000, the Bulls May Have Lost If Bitcoin Breaks $2,877 China accounts for about 23 percent of bitcoin trades and is also home to many of the world’s biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.