Bitcoin Price Bounces Back Above $3500 as Top Chinese Exchanges Shut Down

OKCoin and Huobi issued closure announcements, but the news they will operate for another month sparked a rebound.

The cryptocurrency market is living up to its reputation as a wild roller-coaster ride today. After falling below $2900 just a couple of hours ago, the price of Bitcoin is now back above $3500.

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The apparent reason for this rebound is that both OKCoin and Huobi, China’s two biggest Bitcoin exchanges, have just announced that they will continue to operate until the end of October.

While the news that two of the biggest Bitcoin exchanges in the world are shutting down and about to cease all trading in a month and half sounds very bad, it is actually an improvement as they were expected to shut down completely by the end of September.

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