Cryptocurrency Price Check: Bitcoin Steady, China Shuts Down Software Maker

A Beijing office of China’s central bank on Tuesday reportedly ordered the shutdown of a Beijing-based software maker over its suspected involvement in cryptocurrency trading.

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Beijing Qudao Cultural Development was ordered to suspend operations, and its website had been deactivated, the Beijing financial supervision administration and a department of the People’s Bank of China said in a statement, according to Reuters.

Huobi, operator of the world’s second-largest cryptocurrency exchange by trading volume, has imposed a 24-hour condition before a user can withdraw digital tokens in over-the-counter transactions, the South China Morning Post reported, effectively discouraging speculation and dealing another blow to cryptocurrency investors in China amid Beijing’s latest crackdown on the sector.

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Bitcoin, the world’s largest cryptocurrency, was down slightly to $33,933 at last check, according to CoinDesk.

Bitcoin has risen more than 16% in 2021, but CoinDesk noted that it has dropped nearly 50% from its all-time high of $64,829.

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Bitcoin late last month slid below $30,000, a key support level, as China amped up its crackdown that has all but banned transactions in digital currencies in the country.

Ethereum rose 3.3% to $2,319, while Dogecoin was down 1.6% to 23 cents.

Jack McDonald, CEO at Polysign, said the fintech has spoken with 35 to 40 asset managers in the last three weeks.

“The general theme emerging is that they are using the recent pullback as an opportunity to be thoughtful about how to enter the crypto space both from an investment and operational standpoint,” he said. “Without the pressure and fear of missing out of the markets on a tear I think the current environment is a long-term positive for the industry.”

The statement said companies in Beijing should not provide venues, commercial displays or advertising for cryptocurrency-related businesses.

In addition, a cryptocurrency based on the Netflix series “Tiger King” climbed after being mentioned by a crypto YouTuber, according to Newsweek.

Tiger King Coin, which claims to be the official coin of the Tiger King, was launched in May this year on the Ethereum blockchain.

The token’s sudden rise came a few hours after cryptocurrency and Dogecoin YouTuber Matt Wallace tweeted about it on Sunday night