Most people think the Mt Gox Insolvency caused or kicked off the 2013-14 Bear Market for BTC. That's false. It was the Chinese government beginning to impose regulation on the domestic market. It began with a ban on banks and third party payment processors from directly participating in the exchange of Bitcoin to CNY. Exchanges initially closed down. They were using third party payment systems like Alipay and Paypal to conduct transactions.
Eventually the exchanges began reopening and using personal Chinese bank accounts to continue business. OKCoin and Huobi were the first to reopen, with BTC China lagging behind hoping to get more clarity from the government. By delaying reopening, BTC China lost its position as the top exchange in China. Up until the PBOC notice on Dec 5th, BTC China dominated trading volume.
Eventually the exchanges began reopening and using personal Chinese bank accounts to continue business. OKCoin and Huobi were the first to reopen, with BTC China lagging behind hoping to get more clarity from the government. By delaying reopening, BTC China lost its position as the top exchange in China. Up until the PBOC notice on Dec 5th, BTC China dominated trading volume.