China Closes Bitcoin Exchanges as Prices Continue to Fall
The price of bitcoin continues to teeter today, with the cryptocurrency having lost a third of its value in the last week.
Bitcoin’s sharp drop comes after rising uncertainty in the Chinese market, with two major Chinese currency exchanges, China BTC and ViaBTC, having announced that they will halt trading by the end of this month.
Moreover, Chinese authorities have ordered Beijing-based exchanges to stop trading, notify users of their close, and stop accepting new user registrations, it was reported by Reuters yesterday. Yesterday, bitcoin’s price dropped by almost $1,000.
China has also reportedly issued specific instructions as to how the exchanges should close, according to leaked documents reported by Coindesk. China’s crackdown on cryptocurrency also includes bans on Initial Coin Offerings, or ICOs, about which several additional countries have expressed concerns.
The price dipped below $3,000 today, and is now down about 7%, hovering at just over $3,200 according to CoinMarketCap. Ether, Ripple, Bitcoin Cash, and the majority of other crypto tokens are also down.
