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Monday, June 5, 2017

Bitcoin Price Recovers to $2,400 as Chinese Exchanges Resume Withdrawals

Bitcoin Price Recovers to $2,400 as Chinese Exchanges Resume Withdrawals

On May 31, OKCoin, the largest Bitcoin exchange on the Chinese exchange market with over 34 percent market share, officially resumed withdrawals for its traders. Huobi and BTCC, the second and third largest Bitcoin exchanges in China, followed, resuming withdrawals for all users.

Almost immediately after the resumption of withdrawals by the big three exchanges within the Chinese Bitcoin exchange market, Bitcoin price surged, recovering back into the $2,400 region. On a weekly basis, Bitcoin price has recorded a three percent gain, recovering from its previous market correction which led to a $600 decline from $2,500 to $1,900.

An interesting aspect of the recent resumption of withdrawals of the big three Chinese Bitcoin exchanges is that the withdrawal wasn’t ordered, requested or approved by the People’s Bank of China (PBoC), the central bank of the country.

According to local sources including cnLedger, Huobi, BTCC and OKCoin came to a consensus in regard to their anti-money laundering (AML) and know your customer (KYC) systems update and decided to open withdrawals for all of their users.

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