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[FUD]Trading of LTC, ETC and other altcoins might be halted in China

Note: the authenticity of the source is still uncertain and the story will be updated constantly. More could be found on 8btc forum post

Update: The China.com report has been removed and proven to be FUD.

Since the on-site inspection on Chinese bitcoin exchanges and suspension of bitcoin withdrawals, the regulatory policy or the “red lines” are being reiterated. However, according to a report by China.com today, trading of LTC, ETC and other altcoins might be suspended to control risk.

 

china yuqing

Screenshot of China.com report on halting LTC, ETC trade in China

It’s said that regulators may have contact exchanges for guidance counseling, topics of which would be around the following:

1. Suspend trading of LTC, ETC and other altcoins.
2. Freeze suspicious accounts.
3. Keep Bitcoin trading only.

The report has not citied any source to support the above claims. But it is not some cliche like we have heard so much before.

Although (Bitcoin) withdrawal is still being suspended, the recent pump and dump of altcoins has disturbed the order of financial markets and resulted in significant loss of small investors. With the speculation on altcoins heating up, scams and MLMs under the name of digital currency are often spotted.

At the end of the report, the guidance counseling was cited the “right time” to

Cool down digital currency market to prevent large-scale involvement in behaviors that violates laws and regulations.

The report was released around 9:30 am Beijing Time. Around 20 minutes later, LTC price on Huobi took a nose dive. 30 minutes later Huobi posted a weibo warning the risk of LTC price dump. Given the fact that Huobi is still under regulatory scrutiny, the intention of the warning might be underestimated.

huobiltc1

Huobi’s reminder on LTC price dump

On the regulatory documents leaked yesterday, it’s specifically mentioned that:

Article 10 Guidance of public opinion
Proper guidance of public opinions must be handled during the process of rectification. Opinions could be released through the official website, media interviews, expert interpretation and other means. Initiatives shall be taken to release regulatory signals and guide the community expectations.”

Maybe the halting of altcoin trade is not a groundless and wild guess.

 

 

COMMENTS(35)

  • Kinitex
    5 months ago Kinitex

    Market manipulating FUD is what this is

  • hyungjoh
    5 months ago hyungjoh

    Potential dump of altcoins?

  • DeezoNutso
    5 months ago DeezoNutso

    The report has not citied any source to support the above claims

    Only thing you need to read from this article.

  • GeorgeOnee
    5 months ago GeorgeOnee

    Nonsense article

  • BitcoinAllBot
    5 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • 8btccom
    5 months ago 8btccom

    Screenshot and link of source could be found in the story.

  • DeezoNutso
    5 months ago DeezoNutso

    Did you even read your own article? You have screenshots of the report, but the report itself has no source (This is written in your article!)

  • juxtaposezen
    5 months ago juxtaposezen

    I am not sure they could stop it even if they wanted too. People may just figure out how to convert to a vehicle they want via a decentralized exchange soon. We will see.

  • CryptoMonger
    5 months ago CryptoMonger

    Queue FUD right at massive alt pump.

  • RedditTooAddictive
    5 months ago RedditTooAddictive

    Would be extremely bad if true and pretty much confirm jihad is a puppet of the government.

  • whiterabbit303
    5 months ago whiterabbit303

    Come back when they have a credible source.

  • spacedv
    5 months ago spacedv

    Most likely manipulation through FUD. But those fuckers could do it. (They can do whatever they want inside their own borders.)

    Protecting small investors would obviously be only an excuse. If they did this, it would be either for easing surveillance and control, or for removing competitors of their own centralized, fully government-controlled crypto.

    If this is true, it would also give much more credibility to the conspiracy theory that Chinese government is pulling the BTC miners’ strings behind the scenes to block segwit on BTC

  • i0X
    5 months ago i0X

    Market manipulators, start your engines!

  • GalacticCannibalism
    5 months ago GalacticCannibalism

    I’m wondering when this will finally come to fruition.

  • Southside_Warlord
    5 months ago Southside_Warlord

    Doesn’t affect Bitcoin. I don’t blame China for closing down the scam coins (Litecoin not included)

  • Sefirot8
    5 months ago Sefirot8

    its really frustrating to see this ignorant sentiment on this sub. not every other coin is a scam.

  • woodsbarrack
    5 months ago woodsbarrack

    Jihan? Or is it an intended pun ? 😉

  • woodsbarrack
    5 months ago woodsbarrack

    +1 to that

  • arcrad
    5 months ago arcrad

    Intentional. He want fuck, he get fuck.

  • arcrad
    5 months ago arcrad

    Yeah! …just pretty much all of them.

  • prelsidente
    5 months ago prelsidente

    oh, so now it’s “China bans LTC and ETC”…

    What will the shorters make up next?

  • XbladeXxx
    5 months ago XbladeXxx

    Must of them was made to make quick rich mainly 1st movers/developers and insiders BTC was juz experiment at beginning so was most fair in that matter.

  • ASG3
    5 months ago ASG3

    Thanks for the summary, it’s pretty accurate.

  • SammieData
    5 months ago SammieData

    Completely agree, it greatly put me off and I come here 99% less these days because of it but still occasionally visit the sub.

  • jjjuuuslklklk
    5 months ago jjjuuuslklklk

    He doesn’t really even have to be a puppet. Many Chinese people would voluntarily look out for their communist regime’s best interest.

  • Piston Honda
    5 months ago Piston Honda

    time to get on 1ex.trade !!!

  • alyssa85
    5 months ago alyssa85

    http://news.8btc.com/trading-of-ltc-etc-and-other-altcoins-might-be-halted-in-chinaQuote
    Since the on-site inspection on Chinese bitcoin exchanges and suspension of bitcoin withdrawals, the regulatory policy or the “red lines” are being reiterated. However, according to a report by China.com today, trading of LTC, ETC and other altcoins might be suspended to control risk.

  • thejaytiesto
    5 months ago thejaytiesto

    Market shake to buy cheap LTC before the pump.

  • BitcoinHodler
    5 months ago BitcoinHodler

    China has been out of the game, at least directly for some time now. they don’t have any of their big exchanges and the trading volume that we saw dropped a lot but all that has never changed anything for the Chinese. they are still doing their trading and investment but a bit harder now because they either have to go to places such as localbitcoins or to other foreign exchange platforms to buy bitcoin and altcoins.

  • kelsey
    5 months ago kelsey

    Quote from: BiTZeD on Today at 12:06:47 PM
    This is funny how it just pop right now when Litecoin and Ethereum Classic are poping in price…

    yes so the person who created the fake news obviously sold ltc etc and want a lower entry 

  • pereira4
    5 months ago pereira4

    You guys need to check the news more often, it just got confirmed as fake news. China is spreading FUD to cause panic so inside traders can buy a lot of cheap LTC before it goes to the moon after segwit and coinbase news become official:https://bitcointalk.org/index.php?topic=1886321.0

  • Viper1
    5 months ago Viper1

    The more important aspects of that are these:”Note: the authenticity of the source is still uncertain and the story will be updated constantly. More could be found on 8btc forum”and”The report has not citied any source to support the above claims.”

  • Fredomago
    5 months ago Fredomago

    Quote from: Viper1 on Today at 11:46:42 AM
    The more important aspects of that are these:”Note: the authenticity of the source is still uncertain and the story will be updated constantly. More could be found on 8btc forum”and”The report has not citied any source to support the above claims.”
    hahaha, that’s the point as we can’t rely with that news yet and maybe more whales just wanted to shake the price so they can buymore ltc and etc and other alts that they wanted to bag, lets just be more observant before we believe in such news.

  • BiTZeD
    5 months ago BiTZeD

    This is funny how it just pop right now when Litecoin and Ethereum Classic are poping in price… And anyway, most of the trading volume for thos two crypto-currencies is out of China in places like Poloniex, Bittrex or Kraken.

  • Southside_Warlord
    5 months ago Southside_Warlord

    Most of them are scam coins.

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