Bitcoin Price Bounces Back $400 In Minutes As China Gives Huobi, Okcoin Extra Month
China latest: Huobi and Okcoin are to receive an extra month to shut down due to their size.
The latest news from China has ‘sweetened’ reports all exchange should close by September 30, giving Huobi and Okcoin an extra month of life.
Reports from local news outlet Caixin suggest the two exchanges’ lack of ICO offerings was one of the factors allowing them to continue operating longer than others.
“Because the two platforms have large numbers of users and have not performed ICO operations, the relevant departments have given Huobi and Okcoin a one-month buffer period to stay open until the end of October before shutting down,” the paper states.
Specific proposals are still being “studied,” it added.
The highly volatile Bitcoin market reacted almost instantly to the news, climbing around $400 in minutes from lows of $2972.
The early updates received mixed reviews, however, with some social media commentators suggesting it is a way for Chinese regulators to prolong market manipulation.
Official confirmations are still yet to surface regarding obligatory closure for remaining exchanges by September 30.