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Bitcoin price prediction

Bitcoin price prediction

2016~ $600-1000

2017~$2000-7000

2018~ $ 10 000-15 000

2019~ $15 000- 20 000

2020~ $ 20 000 – 30 000

2021 ~ $ 30 000- 50 000

2022~ $ 50 000 – 100 000

2023~ $ 100 K- 150 K

2024~ $ 150 K- 300 K

2025~ $ 300K- 400 K

2026~ $ 400K-650 K

2027~$650 K- 750 K

2028~$750K- 1 mln.

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Korean Top bitcoin Exchanges on Bitcoin Cash

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'

Korean Top bitcoin Exchanges on Bitcoin Cash

Bitcoin exchanges in South Korea have been preparing for the planned user-activated hard fork (UAHF) on August 1. Some have announced their support for Bitcoin Cash (BCC), the new cryptocurrency that is expected to result from the event, while others have not yet decided.

The South Korean won is currently the third-most traded currency for bitcoin worldwide behind the Japanese yen and the US dollar, according to Coinhills. As bitcoin exchanges worldwide prepare to deal with the possible upcoming UAHF and the resulting Bitcoin Cash cryptocurrency, bitcoin exchanges in South Korea have also clarified their positions.

Bithumb

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'The largest bitcoin exchange by volume in South Korea, Bithumb, is one of the first exchanges to announce its support for Bitcoin Cash. The platform has approximately 75.7 percent market share of the domestic market, according to the Korea Herald. The exchange has announced that “during the forks, from 2017-07-31 00AM to 2017-08-07, we will suspend bitcoin deposits and withdrawals. And Bithumb is not responsible for any desposits (transactions) during those period.” In addition, the exchange expects to list BCC on August 3, adding that:

Bithumb supports BCC and users can get BCC at 1:1 ratio with bitcoin. BCC Withdrawal will be available after August 7 and the date is changeable due to circumstances.

Korbit

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'South Korea’s second largest bitcoin exchange Korbit, with 17.6 percent market share, announced that “we will be halting all bitcoin deposits and withdrawals several hours before the UASF event.” The suspension “may last a day to several days,” the exchange advised. Customers wanting to access their bitcoins soon afterward must withdraw them before August 1. The suspension will be lifted once Korbit believes the Bitcoin network has become stable.

In addition, Korbit stated, “we will stop buy orders of the other digital assets (Litecoin, Dash, Zcash, etc.) when we halt bitcoin deposits and withdrawals, and we will stop sell orders for a short period before and after the UAHF.” As for Bitcoin Cash support, the exchange stated:

In the event that Bitcoin Cash gains traction, we may enable Bitcoin Cash trading, within a few days after the UAHF, if and when we deem it safe to do so. If we do, we plan to allocate to our users Bitcoin Cash at a 1:1 ratio with Bitcoin based on users’ Bitcoin balance at the time of the UAHF

Coinone

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'The third largest bitcoin exchange in South Korea with 6.7 percent market share, Coinone, announced that bitcoin deposits and withdrawals were suspended from July 28 at 6pm. Customers wanting to trade immediately after the hard fork needed to have withdrawn their bitcoin by that date and time. The exchange added:

Coinone has not yet decided whether or not to support BCC officially. We will consider whether to support BCC in consideration of technical issues and the bitcoin ecosystem in the future.

Coinplug and Coinnest

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'Bitcoin broker and exchange platform Coinplug announced on Friday that it is suspending bitcoin deposits and withdrawals on July 30 at 0:00 KST. Services will be resumed once the exchange feels that the network has stabilized.

“After the UAHF hard fork we will monitor BCC carefully and once we feel that BCC is safe and gains noticeable traction within the community we may enable BCC trading at our exchange,” Coinplug wrote. “If we do decide on BCC trading, you will be allocated an equal amount of Bitcoin Cash at a 1:1 ratio with bitcoin based on your bitcoin balance at the time of the UAHF hard fork.”

The smaller bitcoin exchange Coinnest also announced its support for Bitcoin Cash. The exchange has posted a notice on its website stating that customers holding bitcoin in a Coinnest wallet at midnight on July 31 “will receive the same amount of BCC” as bitcoin.

Do you think all bitcoin exchanges in South Korea should support Bitcoin Cash? 

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Indian Bitcoin Top bitcoin Exchanges no will

Fork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash'

Fork Watch: Indian Bitcoin Exchanges Will Not Support ‘Bitcoin Cash’

India’s top bitcoin exchanges have announced that they are either not supporting or have not planned to support “Bitcoin Cash,” the new cryptocurrency that is expected to result from a user-activated hard fork (UAHF) on August 1. The exchanges have also announced that they will be suspending bitcoin deposits and withdrawals during that time.

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India has three major bitcoin exchanges; Zebpay, Unocoin and Coinsecure. All three have made announcements regarding Bitcoin Cash, as well as how each plans to suspend bitcoin services during the planned hard fork.

Zebpay

ZebpayFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be the biggest bitcoin exchange in India. Its app surpassed 500,000 Android downloads in May and ranked as the 7th most popular finance app in the Apple app store in June.

The company announced on Thursday that it will neither support Bitcoin Cash (BCC) nor its trading, stating that:

If you want access to Bitcoin Cash, please remove your bitcoins from your Zebpay wallet to a wallet in which you control the private keys on or before 31st July. Bitcoin Cash will not be available for customers who leave bitcoins in Zebpay.

In addition, the exchange is suspending bitcoin deposits and withdrawals from July 31 at 10 pm to August 2 at 10 am.

Unocoin

UnocoinFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be India’s most popular bitcoin company with a focus on merchant services. The platform reported having over 300,000 registered users and trading volume of more than 200 million INR each month.

The company announced last week its contingency plan for the hard fork. While the exchange will support the chain with the majority, it stated:

Unocoin has not planned or equipped to support other shorter and weaker chains if they pop up.

The company also announced a system maintenance of the site between July 30 and August 4 “to avoid any loss of customers’ coins via replay attacks and to choose the longer and safer chain to go with.” This period may be extended if necessary.

Coinsecure

CoinsecureFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be India’s fastest 24/7 real-time bitcoin trading platform. The company has announcedthat “to ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 24 hours before activation of either fork.” In addition, the exchange stated:

If you do wish to have access to coins on the other forked chain or access your BTC during the fork, you should send your BTC from Coinsecure to your external address by July 30th.

What do you think about the standpoint Indian Exchanges are taking on Bitcoin Cash? Let us know in the comments section below.

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BIP 91 Locks In: What This Means for Bitcoin

BIP 91 has officially locked in.

At press time, bitcoin’s miners, the network of computer operators that secure the blockchain, have now been signaling that they will upgrade the code for 269 blocks in the same signaling period, a move that takes the software one step closer to changing its structure to accommodate more transactions.

Stepping back, the move finds miners agreeing to cement the first part of a larger effort to upgrade bitcoin, called Segwit2x.

The controversial proposal seeks to change the transaction structure of the network via Segregated Witness, and increase a cap on the amount of data that can be stored in transaction blocks, a move tentatively scheduled for later this fall.

With the signaling, mining pools nearly unanimously rallied behind the proposal, and BIP 91, designed partly to avoid a potential bitcoin split in the network, emerged as the first major step in following the roadmap.

In response, bitcoin saw a sharp price increase on Thursday due to the perceived forward progress, with some calling the BIP 91 lock-in a victory marking a “new dawn” for bitcoin.

But, the lock-in is just the first step to activating SegWit on the network, and other steps come with a bit more complexity.

Specifically, the following things need to happen for it to activate:

  • There will be a 336-block “grace period,” taking about two and a half days, during which miners have time to prepare for activation.
  • BIP 91 will activate at block 477,120. Theoretically, mining pools will start rejecting blocks that do not signal support for SegWit (BIP 141). In this way, BIP 91 is a “coordination mechanism” that gets other mining pools to follow along or lose out on mining rewards.
  • SegWit could lock-in during the next difficulty adjustment period of 2016 blocks, which takes about two weeks.

The latter is when Segwit activation is “all in the clear,” as BIP 91 creator James Hilliard put it.

That’s when bitcoin’s SegWit upgrade will be official, and an upcoming user-activated soft fork (UASF) proposal, BIP 148, superseded.

Possible hiccups

But some community members, including respected bitcoin developers and mining pool operators are raising concerns about possible missteps between the time BIP 91 is activated and SegWit locks in.

These concerns boil down to:

  • Thinking miners might not be running the software they signal. If enough mining pools – over 50% – are not running the software, it could impact whether SegWit goes through or not.
  • Speculating that mining pools might run the correct software for a while, then stop before SegWit locks in.

In simpler terms, some bitcoin users don’t trust others to keep their word.

Bitcoin Core contributor Bryan Bishop seems like one of those, suggesting via Twitter that one potential outcome is SegWit not activating at all this time around, even though a few scaling proposals are coming to a head soon.

WeChat saves the day?

But Hilliard waves that apprehension off. “There’d have to be a lot of mess ups,” he told CoinDesk.

For him, it just doesn’t seem likely since lock-in has recently been at the top of mining pool operator’s priority list. Behind the scenes, he and other pool operators have been restlessly working to ensure BIP 91 goes according to plan and bitcoin transitions to the new ruleset smoothly.

Plus, even more Core contributors, who have been largely opposed to Segwit2x, are helping smooth the transition. Bitcoin Core contributor Matt Corallo has been making updates to FIBRE, the fast block-relaying network miners use, which Hilliard said is “probably what’s holding a lot of this together.”

It seems many people want to see BIP 91 succeed, likely in an effort to supersede more aggressive alternatives such as BIP 148. While Hilliard agrees with the concept of a UASF, he believes BIP 148 could be riskier than BIP 91.

And finally, because transitioning to the new BIP 91 rules relies on mining pools alone, Hilliard said:

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1 august bitcoin fork

What’s going on?

For a few years, there has been a large debate in how to handle scaling in Bitcoin – currently, most blocks are hitting the blocksize limit of 1 MB, resulting in high fees, low transaction throughput, and slow transactions.

There have been several attempts to solve this scaling issue. Unfortunately, none of them have been a clear victor, leading to multiple factions being formed. Each faction favours their solution and believes opposing factions will lead to the ruin of Bitcoin.

Currently, one of these proposals, known as the User Activated Soft Fork (UASF) is scheduled to go live on 1 August, 2017. Another group of miners has stated their intention to create another fork of the Blockchain if UASF is indeed activated, splitting the Bitcoin chain into two.

1August.org does not aim to pick sides in this debate. Our purpose is to help the regular bitcoin users safeguard their coins prior to a fork.

What should I do?

When a Cryptocurrency forks, it results in duplication. Any transactions, and coins that were present prior to the fork are valid on all subsequent chains. It is in your best interest to control your coins in a manner that gives you the flexibility to transact on both chains. A well-known previous example of this is the Ethereum and Ethereum Classic split.

The only way to protect yourself in the event of a fork is to ensure that your Bitcoins are under your control. If your coins are stored on an exchange such as Coinbase, Bittrex, Bitfinex etc. or on an online wallet such as Blockchain.info, you are forced to use whichever bitcoin fork they choose to support.

To completely control your bitcoin, you must be in control of your private keys. A private key is what allows you to spend your Bitcoin, and must be kept safe. There are two ways to be in complete control.

1. Wallet Applications – Also known as hot wallets, these are programs that run on your computer or mobile phone that are capable of generating Bitcoin addresses, creating transactions, and more. Most such programs allow you to export your private key, which can then be imported into another wallet application. These wallets allow you to make Bitcoin transactions without giving up the power to maintain control of your coins in the event of a fork. However, due to being stored on your device, they are more susceptible to theft through malware and hackers.

2. Paper Wallets – Also known as cold storage, paper wallets are Bitcoin addresses generated on a device with no internet access, and then printed out and kept safely. They have the advantage of being far more secure, as the only way to access your Bitcoin is to physically access the paper wallet. They also have the disadvantage of not being able to easily use your Bitcoin, as you would first need to import the wallet into a wallet application connected to the Bitcoin network, or manually create and sign transactions on an offline device, before broadcasting the signed transaction from a connected device.

I want to secure my Bitcoin!

    • WALLET APPLICATIONS
    • PAPER WALLET
    • HARDWARE WALLET

Wallet Applications

There are multiple wallet applications you can use to secure your Bitcoin. We provide steps for Electrum and Mycelium, but they are largely consistent across other wallets.

Electrum

Download Electrum

Electrum is arguably the best lightweight Bitcoin wallet available. To get started, download and install Electrum, and carefully note down the mnemonic seed generated by it. This seed is used as the root of your private keys, and can be used to recover your bitcoin in case your Electrum install, harddrive, or computer are destroyed.

Transfer any bitcoin from an exchange or online wallet to an address provided to you by Electrum. This must be done prior to August 1st, 2017 to allow you to work on both sides of the fork.

To export your private keys, simply go to Wallet->Private Keys->Export in the menu options. You must never share the output of this with anybody, as they will be able to access any bitcoin at any of the addresses in your Electrum wallet immediately.

Mycelium

Download Mycelium

Mycelium is one of the most stable Android and iOS wallets available. To get started, download and install Mycelium, and carefully note down the mnemonic seed generated by it. This seed is used as the root of your private keys, and can be used to recover your bitcoin in case your Mycelium install, harddrive, or computer are destroyed.

Transfer any bitcoin from an exchange or online wallet to an address provided to you by Mycelium. This must be done prior to August 1st, 2017 to allow you to work on both sides of the fork.

To export your private keys, simply go to Accounts, then select your HD Account and select “Export” from the menu options. You must never share the output of this with anybody, as they will be able to access any bitcoin at any of the addresses in your Mycelium wallet immediately.

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Who bought 105$ bitcoin in 2010, now he has 87.5 M $

One computer gamer  who is lives in London bought bitcoins in 2010 he sent totally 105 USD  for bitcoin, Now his bitcoin market value is 87.500.000 USD.  He says not will exchange bitcoins now, its will be more valuable next year because i dont have plan for it young computer gamers says.

Bitcoin is a virtual currency that isn\’t controlled by a central bank. Instead, bitcoins are created through a process called mining, in which a computer tries to solve a cryptographic problem. The total supply of bitcoins is capped, which has led to comparisons with assets like gold.

Buy bitcoin with credit and debit card click here

Bitcoin value history (comparison to US$)
Date USD : 1 BTC Notes
Jan 2009 – Mar 2010 basically none No exchanges or market, users were mainly cryptography fans who were sending bitcoins for hobby purposes representing low or no value. In March 2010, user “SmokeTooMuch” auctioned 10,000 BTC for $50 (cumulatively), but no buyer was found.[135][136]
Apr 2010 $0.003 On 25 Apr 2010, the now-defunct BitcoinMarket.com exchange is the first one that starts operating.
May 2010 less than $0.01 On 22 May 2010,[137] Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC.[138][139][140]
July 2010 $0.08Increase In five days, the price grew 1000%, rising from $0.008 to $0.08 for 1 bitcoin.
Feb 2011 – April 2011 $1.00Increase Bitcoin takes parity with US dollar.[141]
8 July 2011 $31.00Increase top of first “bubble”, followed by the first price drop
Dec 2011 $2.00Decrease minimum after few months
Dec 2012 $13.00 slowly rising for a year
11 April 2013 $266Increase top of a price rally, during which the value was growing by 5-10% daily.
May 2013 $130Decrease basically stable, again slowly rising.
June 2013 $100Decrease in June slowly dropping to $70, but rising in July to $110
Nov 2013 $350 — $1,242Increase from October $150–$200 in November, rising to $1,242 on 29 November 2013.[142]
Dec 2013 $600 — $1,000Decrease Price crashed to $600, rebounded to $1,000, crashed again to the $500 range. Stabilized to the ~ $650–$800 range.
Jan 2014 $750 — $1,000Increase Price spiked to $1000 briefly, then settled in the $800–$900 range for the rest of the month.[143]
Feb 2014 $550 — $750Increase Price fell following the shutdown of Mt. Gox before recovering to the $600–$700 range.
Mar 2014 $450 — $700Increase Price continued to fall due to a false report regarding bitcoin ban in China [144] and uncertainty over whether the Chinese government would seek to prohibit banks from working with digital currency exchanges.[145]
Apr 2014 $340 — $530Decrease The lowest price since the 2012–2013 Cypriot financial crisis had been reached at 3:25 AM on 11 April[146]
May 2014 $440 — $630Increase The downtrend first slow down and then reverse, increasing over 30% in the last days of May.
Mar 2015 $200 — $300Decrease Price fell through to early 2015.
Early Nov 2015 $395 — $504Increase Large spike in value from 225–250 at the start of October to the 2015 record high of $504.
May–June 2016 $450 — $750Increase Large spike in value starting from $450 and reaching a maximum of $750.
July–September 2016 $600 — $630Decrease Price stabilized in the low $600 range.
October–November 2016 $600 — $780Increase As the Chinese Renminbi depreciated against the US Dollar, bitcoin rose to the upper $700s.
January 2017 $800 — $1,150Increase
5-12 January 2017 $750 — $920Decrease Price fell 30% in a week, reaching a multi-month low of $750.
2-3 March 2017 $1,290+ Increase Price broke above the November 2013 high of $1,242[147] and then traded above $1,290.[148]
April 2017 $1,210 — $1,250Decrease
May 2017 $2,000+ Increase Price reached its maximum in the history of bitcoin. Reached an all-time high of over $2,500 on the 25th. The price was as high as $2,700 or $2,800 on some US-based exchanges.
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Britain’s Largest Broker Offers Exchange-Traded Bitcoin Investments

Largest British Broker

Britain's Largest Broker Offers Exchange-Traded Bitcoin InvestmentsHargreaves Lansdown plc is a financial service company based in Bristol, a city in South West England. The company “is the UK’s number 1 ‘investment supermarket’ for private investors,” according to its website. With 876,000 clients and more than £70 billion traded, the company currently offers “more than 2,500 funds, UK, US, Canadian and European shares, ETFs, investment trusts, bonds and gilts.”

Different types of accounts are available through its investment platform, also known as the Vantage Service. They include regular brokerage accounts, tax-efficient Individual Savings Accounts (ISA) and Self-Invested Personal Pension (SIPP) accounts.

Bitcoin Investments Available

Britain's Largest Broker Offers Exchange-Traded Bitcoin InvestmentsOn Thursday, June 1, two bitcoin investments were added to Hargreaves Lansdown’s platform; Bitcoin Tracker One and Bitcoin Tracker Eur. Listed on Nasdaq Nordic in Stockholm, the former is denominated in Swedish krona (SEK) and the latter in the euro (EUR). Both are issued and managed by Stockholm-based XBT Provider AB, with Global Advisors (Jersey) Limited as the guarantor.

Both instruments are bitcoin Exchange-Traded Notes (ETNs) which are debt securities backed by the credit of the issuer. They track the price performance of bitcoin, giving investors exposure to the digital currency. However, investors do not own the bitcoin itself. Danny Cox, Head of Communications at Hargreaves Lansdown, told the Telegraph that “We have seen a handful of clients asking for the ETN.”

XBT Provider describes its products:

The certificates will provide an exposure to the performance of the digital currency bitcoin as priced in USD on the Primary Marketplaces. Holders of certificates will have exposure to both the performance of bitcoin and the fluctuations in the relevant foreign exchange rate.

The primary marketplaces listed in the ETNs’ prospectus are Okcoin, Kraken, Bitstamp, Bitfinex, Itbit, Gemini, Gdax, and Gatecoin. The foreign exchange rate risk for Bitcoin Tracker One is USD/SEK whereas it is USD/EUR for Bitcoin Tracker Eur.

While the certificates are denominated in SEK and EUR, they track the price of bitcoin in USD. “As the BTC/USD market is the most liquid bitcoin market widely available for trading, we regard it as the most suitable underlying asset in a bitcoin product,” the company explained.

Both ETNs are currently available for Hargreaves Lansdown investors with regular brokerage accounts or SIPP accounts, but not tax-advantaged ISA accounts. The brokerage firm charges £11.95 per trade to start investing in these instruments but the cost decreases with the number of trades.

Bitcoin Investment Trust No Longer Available Online

Britain's Largest Broker Offers Exchange-Traded Bitcoin InvestmentsBarry Silbert’s Bitcoin Investment Trust (GBTC) also used to be available for online trading on the Hargreaves Lansdown platform for regular brokerage accounts, but not SIPP or ISA accounts.

However, the brokerage firm has posted a notice on its website which reads: “Bitcoin Investment Trust NPV cannot currently be traded online. For further information about trading this security, or to obtain a current price, please telephone our dealers.” This restriction is likely due to the trust having applied to list and trade on the NYSE Arca exchange. Its application is now pending approval by the U.S. Securities and Exchange Commission (SEC) as a bitcoin Exchange-Traded Fund (ETF)

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Republicans Slap down the IRS for Its Coinbase Bitcoin Tax Hunt

Senior Republicans in Congress have stepped into the fight involving Coinbase and the Internal Revenue Service (IRS) by issuing a strongly-worded letter questioning whether the IRS has a strong foundation for amassing the records of half a million people.

The letter [PDF] from members of the Congress is regarding an ongoing dispute between the digital wallet provider and the IRS, which has demanded that Coinbase had over the information for all its users’ accounts.

Last November, the federal agency had issued a ‘John Doe’ summons to Coinbase to provide information on unnamed and unknown taxpayer(s). It was reported that the summons was dealt to help the federal agency’s investigation into possible tax evasion by users’ of digital currencies between January 1, 2013, through to December 31, 2015.

However, while a federal judge had approved the IRS summons last December, Coinbase have remained steadfast in their opposition of the summons. In March, the company said in an announcement that they had yet to over any records. In the same month, according to the IRS, they revealed that fewer than 1,000 people were declaring their Bitcoin profits or losses in their annual tax returns.

Following the approved summons, a Coinbase user then submitted a motion to block the IRS access to users’ information. This was followed up by a new motion from two unidentified Coinbase users earlier this month in a bid to prevent the IRS from accessing user data.

In this latest development, though, it’s likely to add further fuel to Coinbase’s case as it continues to block the demand.

In the letter from Congress, it states:

The summons is estimated to affect 500,000 active Coinbase customers and would result in the production of millions of pages of associated records, many of which contain personally identifiable information.

It adds that of that figure, 90 percent of customers had engaged in less than $10,000 in cumulative, gross transactions during the time period requested.

Echoing concerns from Coinbase and its users, the letter questions whether the IRS has ‘established a reasonable basis to support the mass production of records for half a million people,’ many of which don’t appear to be undertaking the volume of transactions that requires it necessary to report to the IRS.

Based on the information before us, this summons seems overly broad, extremely burdensome, and highly intrusive to a large population of individuals.

With several questions put to the IRS, members of Congress have asked the federal agency to get back by June 7. This will no doubt put increased pressure on the agency as it works to deal with Coinbase in an attempt to get the information it wants.

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Chinese Bitcoin Exchanges Resume Withdrawals

Chinese Bitcoin Exchanges Resume Withdrawals

Chinese bitcoin exchanges have reportedly resumed bitcoin withdrawals. Customers of BTCC and Okcoin can now withdraw their coins up to certain daily limits. Huobi is also expected to follow suit shortly.

Bitcoin Withdrawals Resumed

Chinese Bitcoin Exchanges Resume WithdrawalsFollowing the inspections by the People’s Bank of China (PBOC), BTCC, Huobi, and Okcoin halted coin withdrawals in February. Almost four months later, on Wednesday May 31, at least two of them reportedly lifted their cryptocurrency withdrawal suspensions.

According to Twitter user Cnledger, BTCC’s customer service confirmed that they have resumed coin withdrawals on Wednesday. A Reddit user who claimed to have initiated a withdrawal request at the exchange said that the daily limit was 20 BTC for his account type and that his request was approved within 20 minutes.

Okcoin has also lifted its withdrawal suspension subject to certain limits, 8btc reported on Thursday. “The 24-hour withdrawal limit of the International site and OKEX is: 200 BTC, 500 LTC and 1,000 ETH,” the publication quoted the exchange’s website. “As for the Chinese site, the limit is 20 BTC (10 of which could be withdrawn to external addresses), 400 LTC (200 of which could be withdrawn to external addresses) and 1,000 ETH.” However, the exchange’s customer service told the publication:

The withdrawal feature is being tested at the moment.

At press time, Huobi has not yet announced that bitcoin withdrawals have resumed.

Bitcoin Prices and Trading Volumes Responded

Chinese Bitcoin Exchanges Resume WithdrawalsThe results of the withdrawals resuming were quickly realized at global exchanges on Wednesday. While the price of a bitcoin rose sharply worldwide, they were more bullish on BTCC and Okcoin, typically trading 10 percent higher than other exchanges.

For instance, while Bitflyer, Bitstamp, and Bitfinex had 5%, 7%, and 9% positive gains respectively on Wednesday evening, Okcoin and BTCC had a 19% and a 15% 24-hour growth. The price of litecoin on Chinese exchanges also experienced the same effect.

Global trading volumes also picked up substantially after the news spread, with BTCC and Okcoin showing higher volumes than elsewhere for the rest of the day.

Chinese Bitcoin Exchanges Resume Withdrawals

News of the withdrawals resuming came shortly after the three exchanges announced that they were adding either ETH or ETC trading to their platforms. Huobi began ETH trading on May 30 while Okcoin is starting on June 1. BTCC CEO Bobby Lee also announced a couple of days prior that his exchange will list ETC after conducting a series of Twitter polls.

The Long Wait is Over but PBOC Denies Being Responsible

Chinese Bitcoin Exchanges Resume WithdrawalsThe PBOC’s inspections of Chinese bitcoin exchanges started in January. Then in February, all three major exchanges announced that they were halting bitcoin and litecoin withdrawals, but CNY withdrawals were not affected.

A post on Huobi’s blog cites the need for a system upgrade to comply with new anti-money laundering requirements as well as foreign exchange and other financial regulations.

Although the exchanges never stated whether they were ordered by the authorities to suspend withdrawals, a leaked document reported by 8btc in April suggests that the suspension was a direct order from one of the authorities.

However, 8btc reported new findings last week that “the suspension of BTC withdrawal was not a direct order from the authority,” according to a recent letter from the PBOC. This letter was supposedly in reply to an inquiry about whether the central bank was responsible for bitcoin exchanges halting withdrawals. Cnledger also tweeted about this letter last week:

PBOC reply to BTC user: we did not ask trading platforms to suspend withdrawals. It was a decision made by themselves. The inspection has not ended.

Earlier this month, Bitcoin.com reported on the Chinese regulators preparing to issue regulatory guidelines for bitcoin trading platforms in China. The document is expected to be released sometime in June.