BTCchina released a notify that it will close all the trade on Sept. 30th. Then BTC price on this platform was down less than CNY18000 hurriedly.
I saw the tweet, it seems to be confirmed already:
https://twitter.com/YourBTCCThe good news is, it cannot get worse than that. The news are finally official, at least one of the big Chinese exchanges is down. Then so what? there's nothing beyond that. Sure they can keep banning every single exchange on China, but the damage will eventually be all absorbed by the bitcoin market. We already saw the only exchange on earth back then (MtGox) going bust, we crashed heavily, then we recovered. If we survived that, how can't we survive China banning some markets? we have exchanges all over the world in 2017, so who cares.
The market is just overreacting to the news. Though am not saying that it has no weight but the reaction is quite enormous as if it is already the end of the road for Bitcoin. Soon the whole market will learn that it is not all about China and that we can all survive without the Chinese market. I am sure it might be hard initially but as time goes on we can realize that big companies like Facebook, Google and Twitter actually do not a respectable presence in China.
China has become an overrated factor for the downturn of bitcoin and this should stop because we have other markets to also look to. Anyway, this is the best opportunity for people who are planning to increase their Bitcoin hoard since they can now buy at a cheaper/discounted rate.
Bitcoin is just having a BIG SALE!