Naz
Active member
Bitcoin future falls in value as Hong Kong exchanges halt trade
Bitcoin's future has taken a hit following the shutdown of its biggest trading venues, with the price of the world's most popular virtual currency falling on Monday.
Hong Kong Exchanges and Clearing announced on Sunday evening that it would close the former local market, known as the HKEXBTC and the Asian Exchange, at the end of Monday, due to a "technical issue."
But prices tumbled on Monday, with one bitcoin, the best-known of a growing number of digital currencies, dropping to $10,833, a drop of almost 9 percent.
That is not unusual for a virtual currency, which has fluctuated widely from day to day, even amid turmoil in the sector.
The price was almost $9,000 less than one week ago, when the price hovered around $11.50, before the currency surged to a record high of $19,511 the following week, prompting outrage among market regulators around the world.
Some analysts blamed the price drop on Chinese exchanges, arguing that their action to halt all crypto trading has also taken a bite out of the price.
Bitcoin's future has taken a hit following the shutdown of its biggest trading venues, with the price of the world's most popular virtual currency falling on Monday.
Hong Kong Exchanges and Clearing announced on Sunday evening that it would close the former local market, known as the HKEXBTC and the Asian Exchange, at the end of Monday, due to a "technical issue."
But prices tumbled on Monday, with one bitcoin, the best-known of a growing number of digital currencies, dropping to $10,833, a drop of almost 9 percent.
That is not unusual for a virtual currency, which has fluctuated widely from day to day, even amid turmoil in the sector.
The price was almost $9,000 less than one week ago, when the price hovered around $11.50, before the currency surged to a record high of $19,511 the following week, prompting outrage among market regulators around the world.
Some analysts blamed the price drop on Chinese exchanges, arguing that their action to halt all crypto trading has also taken a bite out of the price.
