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Bitcoin Price Bounces Back Above $3500 as Top Chinese Exchanges Shut Down

Friday, 15/09/2017 | 14:25 GMT by Avi Mizrahi
  • OKCoin and Huobi issued closure announcements, but the news they will operate for another month sparked a rebound.
Bitcoin Price Bounces Back Above $3500 as Top Chinese Exchanges Shut Down
Reuters

The cryptocurrency market is living up to its reputation as a wild roller-coaster ride today. After falling below $2900 just a couple of hours ago, the price of Bitcoin is now back above $3500.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

The apparent reason for this rebound is that both OKCoin and Huobi, China's two biggest Bitcoin exchanges, have just announced that they will continue to operate until the end of October.

While the news that two of the biggest Bitcoin exchanges in the world are shutting down and about to cease all trading in a month and half sounds very bad, it is actually an improvement as they were expected to shut down completely by the end of September.

The cryptocurrency market is living up to its reputation as a wild roller-coaster ride today. After falling below $2900 just a couple of hours ago, the price of Bitcoin is now back above $3500.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

The apparent reason for this rebound is that both OKCoin and Huobi, China's two biggest Bitcoin exchanges, have just announced that they will continue to operate until the end of October.

While the news that two of the biggest Bitcoin exchanges in the world are shutting down and about to cease all trading in a month and half sounds very bad, it is actually an improvement as they were expected to shut down completely by the end of September.

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About the Author: Avi Mizrahi
Avi Mizrahi
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About the Author: Avi Mizrahi
Azi Mizrahi, expert in fintech trends and global markets, enriches readers with deep insights.
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