Trading platforms took action after the People’s Bank of China (PBOC) declared cryptocurrency transactions illegal. Announcing that it stopped new user registrations before, Huobi announced that this time existing user accounts will be closed by the end of the year. Chinese users are certain that popular platforms such as Binance and OKEx will make similar decisions.
Immediately after the Huobi cryptocurrency exchange took action, sharp decreases began in Bitcoin, Ethereum and altcoin prices. The sharp declines, which continued until Saturday evening, left their place to calm as of midnight. On Sunday morning, however, the wind reversed and the upward trend in cryptocurrencies accelerated again.
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