In Shanghai was closed office of the leading cryptocurrency exchange Binance. According to independent Chinese sources, police closed Binance office after raid. Such harsh measures by the authorities in relation to cryptocurrency was associated with attempts to suppress and regulate the activity of cryptocurrency in the country.
The news was not spared and most leading cryptocurrencies, in this regard suffered losses. For example, Bitcoin on the day of the news, lost more than 6%, which implies that the rest of the altcoins also suffered falls. Thus, Ethereum lost more than 8%, Litecoin fell by more than 9%, and Binance’s own coin collapsed immediately by 10%. Today, the market situation is also unstable, can notice slight decrease in losses compared with yesterday, but for today growth is still not observed. However, we believe that the decline in prices on the cryptocurrency market is a temporary loss that cannot be unambiguously associated with the closure of the Binance office. And expected that soon cryptocurrency market will return to a positive increase in prices.
Despite the support of blockchain technology by the Chinese president, the regulatory status of the cryptocurrency in China remains controversial. Which can significantly influence on the cryptocurrency market generally.