As of now, Bitcoin China has closed all trading functions.
Bitcoin China is one of the three major bitcoin trading platforms in the country. The other two platforms are Firecoin and OKCoin. The two trading platforms will stop all digital assets against RMB trading business on October 31, and their funds and asset retreat work is also under way. However, this did not affect Bitcoin's market. After a set of twists and turns, Bitcoin returned to gains.
What is Bitcoin? Is there any future for bitcoin? Where will Bitcoin go in the future?
China has been giving negative signal about crypto currency trading since some time now. Some unofficial sources revealed that the next target is the mining operations. So the market is prepared about the China's exit from the crypto currency market. Probably that is the reason, we didn't see any major impact on the bitcoin's price. But the good thing is that, China is doing it by phases. If they had done it overnight, we could have seen a major impact. But since it is being done in phases, the impact in minimum.
I don't think it will hurt bitcoin in any major way in future. Probably the price recovery will take some time but that's it. While China is phasing it out, we are seeing other countries accepting it and legalizing it. So it will factor out China's number slowly. No big reason to worry.