Okcoin and huobi move to end chinas bitcoin withdrawal freeze
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More than days have passed since the Chinese Bitcoin exchanges released statements informing the public that they would be freezing their withdrawal okcoin and huobi move to end chinas bitcoin withdrawal freeze. It was first believed that the resulting withdrawal freezes would only last one month; however, they continued through to March with BTCC stating that they would only resume services again once they had received regulatory approval.
At the beginning of Januarythe PBoC revealed that it had carried out on-sight checks on major Bitcoin exchanges in Shanghai and Beijing. In a public okcoin and huobi move to end chinas bitcoin withdrawal freeze from the Shanghai branch of the PBoC, it said:. A separate notice was issued by the Beijing branch of the PBoC, which issued a similar statement. With the exchanges ceasing their margin trading and futures trading, the Bitcoin community almost came to a standstill with the price of the currency not making much headway during the interim period.
Earlier in May, it was reported that the three Bitcoin exchanges were set to resume their withdrawal services in June in light of the PBoC inspection coming to an end. Now, it appears that such a move has actually happened.
Similar to a stack of dominos, once one exchange had initiated its withdrawal services, BTCC and Huobi appear to have deemed it appropriate to follow suit, with all three okcoin and huobi move to end chinas bitcoin withdrawal freeze now functioning as they once were.
News of this has helped to push the price of Bitcoin up to new levels as demand from Chinese investors restarts. And yet, despite the slight drop, interest in the digital currency has continued to rise with increased demand from Japan, India and the United States.
Of course, with further demand coming in, it highlights the fact that Bitcoin needs to resolve its scalability problems. At the moment there is a backlog of unconfirmed Bitcoin transactions that are waiting to join the blockchain. In May, it was reported that there were overunconfirmed transactions ; however, that number has since gone down to a more reasonable 91, Compared to the original SegWit agreement, the new version has lowered the threshold for activation from 95 percent to 80 percent.
Last month, Litecoin activated SegWit on its network after it achieved a 75 percent threshold despite not suffering from backlog issues. It seems as though, finally, things are moving in the right direction for Bitcoin and altcoins in general.
As they become more widely accepted the value of them increases, which boosts the demand for them. Where the future will lead for them is not known. Such a milestone was ultimately reached in May, which begs the question: While no one can see into the future for the digital currency, at the moment things look bright for Bitcoin.
In a public statement from the Shanghai branch of the PBoC, it said: Scalability Issues Of course, with further demand coming in, it highlights the fact that Bitcoin needs to resolve its scalability problems. Bright Future for Bitcoin?