QUOTE OF THE DAY
“We don't have to be smarter than the rest; we have to be more disciplined than the rest.”
BTCC to Cease China Trading
Remember that little ol' rumor that the People’s Bank of China (PBoC) is preparing to ban Bitcoin exchanges? The rumors just got a little more serious.
Bitcoin exchange BTCC has announced on Twitter that it will be closing down its China-facing trading operations effective September 30.
The markets did as markets do, and responded accordingly.
As it stands now (~8:55AM EST), there seems to be some strong buy support at the ~3,500 level.
There are good news and bad news. The bad news is that we will have to deal with this for another 2 weeks.
The goods news is that we haven't heard anything YET from OKCoin and Huobi.
When everything boils over, what I think we're going to see is Chinese exchanges with slightly tighter regulatory supervision.
Oh, and interestingly enough, CoinDesk wrote "but while claims are mounting, it's important to note that no official announcement has yet been made by the People's Bank of China or the country's government regarding the ban."
You can read an article about this here.
Namibian Central Bank Said Bitcoin Purchases Are Illegal
Accoding to CoinDesk, Cryptocurrency exchanges are not allowed in Namibia under a decades-old law, and merchants in the African country may not accept them as payment for goods and services, the nation's central bank has said.
The paper the Central Bank released also wrote:
"In addition to the bank not recognizing virtual currencies as legal tender in Namibia, it also does not recognize it to be a foreign currency that can be exchanged for local currency. This is because virtual currencies are neither issued nor guaranteed by a central bank nor backed by any commodity."
You can read more about this here.
THINGS I LIKE
How The Economy Works (Part 1)
Some guy writes about how the economy really works. Good read.
You can read his article here.
My Current Sentiment: Bearish
Daily Number Indicator
(I will resume posting the daily number indicator for ETH and LTC when they start mattering.)
Join The Discussion On Discord
Here's an invite: https://discord.gg/UTp6bCU
Want To Support CoinSheet? Do it, get perks.
Wait what!? You haven't subscribed? Let's change that.