BTC launched spot checks on bitcoin exchanges Huobi , BTCC and OKCoin, looking for rule violations including market manipulation, money laundering and unauthorised financing; it was not said whether any were identified. “The long term implications of this are positive as more rigor in the Chinese market only matures and brings respectability to the industry - Nevertheless, the price of bitcoin fell more than 12% against the dollar in response to news of the investigation, and pressure on potential capital outflows increased. Since the yuan lost more than 6.5% against the dollar last year some believe the soaring price of BTCC has presented Chinese investors with the opportunity to hedge against the yuan and avoid forex limits.
BTC launched spot checks on bitcoin exchanges Huobi , BTCC and OKCoin, looking for rule violations including market manipulation, money laundering and unauthorised financing; it was not said whether any were identified. Nevertheless, the price of bitcoin fell more than 12% against the dollar in response to news of the investigation, and pressure on potential capital outflows increased. Since the yuan lost more than 6.5% against the dollar last year some believe the soaring price of BTCC has presented Chinese investors with the opportunity to hedge against the yuan and avoid forex limits.