2 Major Chinese exchanges stop bitcoin withdrawals

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As the price of bitcoin reached 1000 EUR this week, big slump to 880 EUR followed on Thursday as a reaction to news from China. Two major Chinese exchanges (Huobi and OKcoin) suspended bitcoin and litecoin withdrawals for one month, effective immediately. Officially this is due to money laundering precautions. Both exchanges are supposed to make upgrades to their AML procedures to combat illegal transactions, pyramid schemes and other illegal activities. Unofficially it could be a measure for capital controls as the Chinese government is trying to limit capital outflows from the country. Technical analysis shows continuous uptrend but buyers may get exhausted soon, which may send the price even lower. More on technical analysis can be found here: http://www.newsbtc.com/2017/02/09/bitcoin-price-technical-analysis-02092017-whats-up-with-that-sharp-drop/

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